British consulting group Lane Clark & Peacock said that the pension deficits for Britain's top 100 companies by market value totaled more than $66 billion as of July, and could affect the way businesses using the new International Financial Reporting Standards are run.
More than 7,000 European companies are in the process of adopting IFRS, a uniform method of accounting designed to align U.S. and European standards and enhance transparency for public companies.
In the results from its annual "Accounting for Pensions" survey, Lane Clark & Peacock said that six companies reported deficits greater than 30 percent of their market capitalization at the end of the 2003-04 fiscal year under IFRS No. 17, and only three companies in the FTSE 100 did not have a deficit, even as company pension contributions have increased to record levels.
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