Royal & SunAlliance, the insurance company, has said a move to IFRS will reduce the value of its assets by £400 million ($764 million). The primary cause is the company’s £525 million pension deficit which, under IAS 19 – the reporting standard that deals with employee benefits – will have to be recognised on the balance sheet. The pension fund deficit at year end 2004 has not materially changed since the same time the previous year.
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