UK accountants welcome SORP changes for pension fund accounting

first_imgIt deals with the preparation of financial reports by pension schemes.Updates to the 2007 guidance became necessary after the UK authorities consolidated UK GAAP into a single accounting standard, FRS 102.FRS 102 is a fundamental reform of financial reporting in the UK.In essence, it is a localised version of the International Financial Reporting Standard for Small- and Medium-sized Entities.Alongside this change, UK legislative and regulatory actions have also made a number of changes to the legal and regulatory environment for pension funds since 2007.In particular, the past seven years have seen the introduction of auto-enrolment, as well as an increasing number of pension schemes entering the Pension Protection Fund.The PRAG issued its draft SORP in April on a three-month comment period.The changes take the form of wide-ranging amendments to the 2007 SORP.Comments on the proposals closed on 16 July.The PRAG invited views from interested parties on a series of changes that affect annuities, investment-risk disclosures, the fair-value hierarchy, financial statement presentation, auto-enrolment, legislative disclosure requirements and concentration of investments.But despite widespread support for the PRAG’s approach in the document, experts who spoke with IPE cited areas for concern.In a recent press notice, the ACCA warned that the PRAG must “more fully” explain the concept of “significant” when it applies to a new requirement to account for matching annuities on the balance sheet.The accountancy body also called for the PRAG to include “an indication” of the “level of materiality applied to disclosures in the example financial statements” in the SORP.And in an interview with IPE, ACCA spokesman Paul Cooper warned that the new SORP would lead to inconsistencies between statutory reporting requirements for disclosures about investments and the requirements of UK GAAP.Urging the DWP to act, Cooper, a corporate reporting manager with the ACCA, said: “It is important changes can be made so the legal requirements are consistent with the revised SORP.”David Hutchings of Hymans Robertson said: “The SORP talks about information to quantify risk. A single number in the accounts could be misleading because that number in isolation might look large and yet say nothing about risk mitigation.“We would like to see a requirement for entities to provide a better explanation of risk – perhaps through the inclusion of an updated statement of investment principles as an appendix to the Report and Accounts to avoid putting big figures into accounts that might be misleading.” Pension fund accountants in the UK have broadly welcomed proposed new guidance from the Pensions Research Accountants Group (PRAG) dealing with the preparation of financial reports by pension funds.In a statement on the draft guidance, global accountancy body the Association of Chartered Certified Accountants (ACCA) said it thought the changes detailed in a draft Statement of Recommended Practice (SORP) would “bring clarity”.But the ACCA warned that interested parties must now lobby the Department for Work & Pensions (DWP) to bring forward legislation to align investment disclosures under UK law with developments in UK generally accepted accounting principles (GAAP).The draft SORP sets out a series of amendments to a 2007 SORP.last_img read more

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$1.3 million respite centre for children with disabilities in the pipeline

first_imgLocalNews $1.3 million respite centre for children with disabilities in the pipeline by: – August 29, 2011 Tweet Share Share Sharecenter_img Sharing is caring! Photo credit: respitecenter.orgThe establishment of a 1.3 million dollar respite center in the Chance Portsmouth Housing Development Scheme will be among matters to be discussed at the 6th Annual General Meeting of the Association of Parents advocating for the Inclusion of Children with Disabilities in Society to be held at the Fort Young Hotel on September 3rd.Public Relations Officer of the Association of Parents advocating for the Inclusion of Children with Disabilities in Society Emile Lancelot said the respite center for which funds have been approved under the Basic Needs Trust Fund will be the first of its kind in the Organization of the Eastern Caribbean States (OECS).“The meeting will also deal with other projects including the resuscitation parent support group and the establishment of new groups to support the work of the association,” he said.The featured speaker of the event will be the manager of the Waitukubuli National Trail Project and a parent with a child living with a disability.The topic will be “Charting the way forward for children with disabilities”.“The meeting will report on a number of past projects including one on early childhood intervention funded by the Dominica Social Investment Fund and another on “Let the Barrier be Trampled Down”, he added.He said parents for various villagers in and around Dominica are expected to attend the AGM.The event will commence at 9:15 am.Dominica Vibes News 9 Views   no discussionslast_img read more

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Kiwi chicks on display these school holidays

first_imgKiwi chicks on display these school holidaysBringing with them a promising future for Te Puia’s kiwi house, two special kiwi chicks have recently settled in and are now on display for visitors to catch a glimpse these school holidays.Hatched in December 2014, Sketch, a boy, is living alongside his fellow female nocturnal friend, Marama, who hatched in September 2014.Sketch was named by Kiwi Encounter after his egg code – R.Art18, while Marama, which means moon, was named by Olivia Kelsey – an eight year old girl who is bravely battling leukemia cancer.Te Puia senior husbandry officer, Vanessa Heaford, says by switching day light to night time, visitors are able to see the nocturnal birds foraging for insects on the forest floor, or via special cameras mounted in their nesting boxes.“Our little fellow Sketch has adapted well to his new home and has recently increased the amount of time he is out of his nest box, probing and foraging for insects.“Visitors still get a good look of the chicks when they’re in their nesting boxes, thanks to our camera monitor screen – they will often be seen preening their feathers, probing for insects and having a sniff around.“Marama is taking a little longer to settle in, and has been shifted to an outdoor enclosure during the school holidays to encourage her to become more active and allow Sketch access to the full enclosure.”Ms Heaford says the long awaited arrival of these special taonga (treasures) is a big achievement and has left the Te Puia kiwi team overjoyed.“Sketch and Marama are special birds and it is amazing for us and our manuhiri (visitors) to watch them grow, contributing to the advocacy and protection of our flora and fauna that is our mandate.“Conservation is a priority at Te Puia and as kaitiaki (guardians) our role is to provide a safe, natural place for our national taonga.”On 7 May, 10 year old Nohi, the last chick to hatch at Te Puia, was released into the Rangataua Forest, alongside Sketch’s father, Arthur.“Nohi’s release was a great experience and the entire team was able to attend and be a part of his special day.The release site is home to around 80 kiwi so we are hopeful Nohi will pair and breed this coming season,” says Ms Heaford.Te Puia has been displaying and advocating for New Zealand’s national bird for nearly 40 years and plan to re-join the national breeding programme as these chicks mature into adults. See more of the Kiwi Chicks hereSource = Te Puialast_img read more

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