A consultation document published by the UK Financial Reporting Council (FRC) explores proposed revisions to Technical Actuarial Standard 300: Pensions (TAS 300) to reflect recent developments in pension scheme funding, a news release said.
The revisions aim to support practitioners carrying out actuarial work under the new defined benefit funding regime, the release said, including new provisions relating to advice arising from improved funding levels of defined benefit schemes.
The deadline for feedback on the revisions is 10 March. Comments can be emailed to ART@frc.org.uk.
Stakeholders are also invited to attend a webinar next month to learn more about the proposed changes to TAS 300. More details on this event can be found in the release.
IASB moves forward on management commentary framework
The IASB announced it is moving into the drafting phase of the revised IFRS Practice Statement 1, Management Commentary to improve the quality and alignment of reporting in financial statements, a news release said.
Management Commentary provides a broad, nonbinding framework for the presentation of management commentary that relates to financial statements that have been prepared in accordance with IFRS Standards.
The revised statement addresses factors “that have affected or could affect a company’s ability to create value and generate cash flows”, includes targeted improvements to its proposals to support alignment with IFRS Sustainability Disclosure Standards, along with guidance to improve connectivity in companies’ reports.
The board expects to publish the updated statement in the first half of 2025.
UN paper outlines proposals for sustainable developments in finance
A publication from the United Nations unveils proposals for sustainable development financing, with negotiations reflecting the priorities of Member States and recommendations from the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI) standards, a news release said.
The publication will serve as the foundation for the Fourth International Conference on Financing for Development which will be held in Spain in June.
UK government looks to streamline support services for SMEs
The New Business Growth Service will make it easier and quicker for SMEs in the UK to find government advice and support, according to a press release. The service aims to streamline the government’s offer to small firms, saving them time and money.
“Small businesses consistently say that they find the business support landscape fragmented and complex, with only 26% of UK SME employers reporting in 2023 to have sought external advice or information in the last year,” the release said.
To help small businesses stay competitive, the government pledges to create a fairer business rates system that supports investment, among other reforms.
In addition, the UK government has also reformed the apprenticeship levy to address the skills needs for the next decade, to boost growth in the region, the release added.
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