One lesson to be learned from one of three early case histories under Europe's new International Financial Reporting Standards is that the system will most probably hit long-established companies with heavy exposure to pension liabilities.

Take the ICI Group, a British specialty chemical and paint firm. Working on a pro forma basis under IFRS rules, this former bulk chemicals manufacturing giant found itself having to recognize a post-retirement benefit liability of around $2.3 billion.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access