Practical Pension Scheme Accounting

By Shona Harvie, Joanne Scriven, Phil Spary

Pension Scheme Accounting and Audit provides guidance on the preparation of pension scheme financial statements and the audit of those statements in the UK. Pensions scheme accounts are prepared in line with guidelines issues within the UK's Pensions Scheme Statement of Recommended Practice (SORP), which is drawn up by the Pensions Research Accountants Group (PRAG). The guidelines within SORPs are not mandatory, but they are recommended practice, and organizations deviating from these guidelines may be required to explain why. The last SORP was issued in 2007 and is currently being revised in line with the changes brought about by the introduction of the UK's FRS 102, which has a mandatory adoption date of January 1, 2015. The book offers guidance on application of the revised SORP in the preparation of financial statements and will also be invaluable to auditors of those accounts, highlighting the key areas of change and including worked examples and sample extracts from accounts to help illustrate the points made. In particular, the book will help those dealing with pension scheme accounts to understand and deal with the following: classification of investments, fair value determination, new investment risk disclosures, and additional disclosures on actuarial liabilities.

Publication Date: 4/11/2016
Format: Paper
ISBN: 9781780436753