Timber firm refuses FRS 17

Sawmilling firm Adam Wilson & Sons has once again refused to comply with FRS 17, claiming it is too expensive to do so. The company, which produces timber for construction firms across the UK, decided not to make the disclosures about its pension scheme, despite seeing its profits rise by 450% for the past year. If it still persisted then the firm would face problems, the simplest being finding an auditor to sign off the accounts for its official submissions. FRS 17 compliance will start in February this year and is expected to hit employers from June. The accounting standard requires that companies ensure that any pension fund surplus or deficit is added to the balance sheet.