UITF Abstract 38 Accounting for ESOP Trusts
Issued December 2003. Effective accounting periods ending on or after 22 June 2004.
UITF Abstract 38 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
The consensus is that the sponsoring company of an ESOP trust should recognise the assets and liabilities of the trust in its own accounts whenever it has de facto control of those assets and liabilities.
Sufficient information should be disclosed in the financial statements of the sponsoring company to enable users to understand the significance of the ESOP trust in the context of the sponsoring company.
Last updated 21 June 2015
