Practical Pension Scheme Accounting

Practical Pension Scheme Accounting, authored by Crowe U.K. LLP has been published by Bloomsbury Professional. The first edition was published in 2016. This edition is updated for the latest accounting and regulatory requirements. The practical, comprehensive guidance is designed to help those both preparing or responsible for pension scheme accounts, while providing comfort that they comply with the latest requirements.

Practical Pension Scheme Accounting provides expert analysis and practical guidance on the preparation of accounts for occupational trust-based pension schemes under the 2018 Statement of Recommended Practice (SORP) and relevant regulations. Written in an accessible style, it provides practical guidance on the requirements. It contains disclosure checklists and example accounts to ensure all required disclosures have been considered.

It covers the latest guidance on what to consider when preparing the:

• Defined Contribution Chair’s Governance Statement including the new requirement to report on net returns on investments and, for specified schemes, a value for members assessment.
• Implementation Statement.
• Task Force on Climate-related Financial Disclosures.
• Additional requirement to disclose a metric describing the extent to which their investments are aligned with the Paris Agreement goal of limiting the increase in the global average temperature.

There is an update in the factors to consider when assessing whether there is material uncertainty ongoing concern for the scheme, plus, requirements to report the extent to which the audit was considered capable of detecting irregularities, including fraud.

The guidance highlights that when an estimation technique is used to determine the fair value of an investment, disclosures should cover the significant assumptions applied in determining that fair value. Example derivative disclosures have been refreshed in light of the updated PRAG derivatives guidance.

The publication is available online via a subscription to Bloomsbury Professional Online and can be accessed here.

If you require further information please contact your usual Crowe contact or one of the co-authors/contributors who are Shona Harvie FCA, Partner, Joanne Scriven ACA, Senior Manager and Phil Spary FCA, Director.