Pension scheme accounts are prepared following the guidance laid out in the Pensions Statement of Recommended Practice (SORP) issued by the Pensions Research Advisory Group (PRAG). A revised version of the SORP was issued in 2018 in line with recent revisions to FRS 102 and other minor regulatory updates. The revised SORP is applicable for periods beginning 1 January 2019, and the new edition of this title reflects these changes.
Starting from the trial balance, the book explains what information is needed to prepare the Financial
Statements and how to go about compiling the Annual Report.
Written in a user friendly style,it provides practical guidance on the requirements introduced by the SORP, providing examples and options on the approach to the requirements, ranging from the minimum disclosures, to additional disclosures that could be considered in relation to the investment risk and investment hierarchy disclosures.
The revised commentary reflects a number of changes to the SORP including:
- The fair value hierarchy disclosure has been amended.
- Clarification that the 5% concentration disclosure includes investment holdings in pooled investment vehicles
- Full comparatives are required for all figures within the financial statements, unless stated otherwise
Disclosures are required where there are significant benefits pending at the year-end
Clarification for the position with regard to the requirements for small schemes. It was felt that differing requirements for small and large schemes would be discriminatory against small scheme members, consequently the SORP does not include any exemptions for small schemes as allowed under FRS 102.
This title is included in Bloomsbury Professional's Pensions Law online service.
Auflage
Sprache
Verlagsort
Verlagsgruppe
Bloomsbury Publishing PLC
Zielgruppe
Maße
Höhe: 234 mm
Breite: 156 mm
Gewicht
ISBN-13
978-1-5265-0897-3 (9781526508973)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Klassifikation
Shona Harvie has over 25 years' experience of providing audit and advisory services. Shona is a pensions Partner at Crowe Clark Whitehill LLP. Shona plays a key role in the pension sectors and is a regular speaker at conferences and events. She is Chair of the Pensions Research Accountants' Group (PRAG) Executive Board, a member of the PRAG SORP working party and joint Chair of the PRAG/Investment Association working party. Shona is also a member of the ICAEW pensions technical group.
Joanne Scriven ACA, Manager at Crowe Clark Whitehill LLP has over 15 years' experience in the pensions sector, having been involved in audit for over 10 years. Joanne now prepares accounts for pension schemes and is a member of the pensions technical team at Crowe Clark Whitehill.
Phil Spary, FCA, Director at Crowe Clark Whitehill LLP has over 15 years' experience of providing pensions assurance and advisory services. Prior to joining Crowe Clark Whitehill LLP he spent 10 years at The Pensions Regulator working across a number of strategic and operational teams, and took a leading role in developing regulatory policy. Phil is also a member of the PRAG DC Working Party.
1 Introduction
2 Planning
3 Starting the accounts preparation process
4 Trustees' Report
5 Membership statistics
6 DC Chair's Governance Statement
7 Auditor's Report and Auditor's Statement about Contributions
8 Financial Statements - Fund Account
9 Financial Statements - Statement of Net Assets
10 Financial Statements - other disclosures
Appendix 1 Extract from The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734
Appendix 2 Extract from The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, SI 1996/1975
Appendix 3 Extract from The Occupational Pension Schemes (Scheme Administration) Regulations 1996, SI 1996/1715
Appendix 4 Transitional disclosures
Appendix 5 Additional regulatory investment disclosures
Appendix 6 Annual Report disclosure requirements in the Republic of Ireland
Appendix 7 Example Chair's DC Governance Statement
Appendix 8 Example Annual Report (minimum requirements)
Appendix 9 Accounts disclosure checklist
