Practical Pension Scheme Accounting

Description

Pension Scheme Accounting and Audit provides guidance on the preparation of pension scheme financial statements and the audit of those statements. Pensions Scheme accounts are prepared in line with guidelines issues within the 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 organisations 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 FRS 102 which has a mandatory adoption date of January 1 2015. Pension Scheme Accounting and Audit provides 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; Additional disclosures on actuarial liabilities. Covers the following legislation and regulation: Pensions SORP; FRS 102; APB Practice Note 15; Pensions Act. Contents: Background to pension scheme accounts: History; Parties involved; Types of scheme; Pension Scheme accounts: The Fund account; Contributions; Transfers in; Other income; Benefits; Payments in respect of leavers; Other payments; Administration expenses; Taxation; Investments; Investment income; Investments; Current assets; Current liabilities; Other information accompanying the financial statements: Trustee' Report; Investment Report; Summary of Contributions; Audit Reports; Compliance Statement; Report on actuarial liabilities; Actuarial certification; Other matters.

Shona Harvie is a partner at Crowe Clark Whitehill LLP Joanne Scriven is a manager at Crowe Clark Whitehill LLP. Philip Spary is a Director at Crowe Clark Whitehill LLP.