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Practical Pension Scheme Accounting

By: Shona Harvie, Joanne Scriven, Phil Spary
Media of Practical Pension Scheme Accounting
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Published: 28-01-2016
Format: Paperback
Edition: 1st
Extent: 336
ISBN: 9781780436753
Imprint: Bloomsbury Professional
Dimensions: 234 x 156 mm
RRP : £90.00

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About Practical Pension Scheme Accounting

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.

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.

Table Of Contents

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

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