This excerpt taken from the ICI 6-K filed Mar 21, 2007.
(l) New US Accounting Standards implemented in the period
SFAS No. 158 Employers Accounting for Defined Benefit Pension and Other Post-retirement Plans
SFAS No. 158 was issued in September 2006. This Statement requires an employer to recognize the overfunded or underfunded status of a defined benefit post-retirement plan (other than a multi-employer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. This Statement also requires an employer to measure the funded status of a plan to be measured as of the date of its year-end statement of financial position, with limited exceptions.
The requirement to recognize the funded status of a benefit plan and the disclosure requirements are effective as of the end of the fiscal year ending after 15 December 2006. The Group has measured plan assets and benefit obligations at 31 December 2006 and has adopted the requirements of SFAS No. 158 in its consolidated financial statements at this date.