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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Practical Pension Scheme Accounting

ISBN13: 9781780436753
Published: January 2016
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: £85.00

Low stock.

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

Pensions Law, Accounting
Background to pension scheme accounts:
Parties involved
Types of scheme

Pension Scheme accounts:
The Fund account
Transfers in
Other income
Payments in respect of leavers
Other payments
Administration expenses
Investment income
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