ICAS response to FRC on changes to fair value hierachy disclosures
ICAS urges the swift implementation of changes to the fair value hierarchy disclosures for pension schemes and financial institutions.
Read the full ICAS response
ICAS supports the proposed changes to the fair value hierarchy disclosures in FRS 102 for financial institutions and retirement benefit plans and the proposed implementation timetable.
We would have preferred greater alignment between the fair value hierarchy in FRS 102 with the hierarchy in International Financial Reporting Standards (IFRS). However, we do not wish these proposed amendments to be delayed as we believe their impact will be positive in the short-term: the ability to early adopt will be beneficial to financial institutions and retirement benefit plans (pension schemes) with 31 December 2015 year-ends and 31 March 2016 year-ends.
Our engagement with this topic has largely been through our work with the Pensions Research Accountants Group (PRAG) Working party which develops the Pensions Statement of Recommended Practice (SORP). Therefore, our responses to the consultation questions focus mainly on retirement benefit plans (pension schemes).