FRS17 and the Sterling Double A Corporate Yield Curve
论证在财务报表中报告固定收益养老金计划负债时，应使用从AA级公司债收益率曲线推导出的贴现率，并证明该方法可行且可靠。
Abstract: We argue that the appropriate discount rate used to report defined benefit pension plan liabilities in the financial statements is a yield derived from an estimate of a double A corporate yield curve. We show that parsimonious yield curve techniques are easily applicable to the sterling double A corporate bond market. Moreover, we find that with a careful selection of the data an objective and reliable yield curve can be obtained. In all we find that using a yield from a sterling double A corporate yield curve to obtain the value of defined benefit pension plan liabilities is a feasible alternative to the current recommendations of FRS17 .