Accounting for pension obligations is an important financial reporting issue. Research has shown that at their 2007 balance sheet date, the total pension deficit of FTSE Global 100 Index companies stood at £18 billion and this figure is estimated to have almost doubled to £30 billion by mid 2008 due to falling asset values, mainly in equity markets. This same research also reveals that the current international pension standard, (IAS 19) Employee Benefits, is showing strain under the severe pressure. For instance, companies reporting under IAS 19 disclosed a far wider range of rates used to discount liabilities than was the case 12 months previously. As a result the numbers presented are far less useful for company comparison purposes.