Accounting for pension costs - a statement of intent

Article Abstract:

The full text of a Statement of Intent issued by the Institute of Chartered Accountants of England and Wales with regard to accounting for pension plans is provided. Detailed by the Statement are the proper accounting methods to follow, the types of pension plans and trusts covered by the standards, actuarial valuations and their usage, funding methods followed by various types of plans and their effect on the accounting procedures to be followed, accounting objectives when auditing pension plans, accounting for irregular pension expenses, disclosure of data following a pension plan audit, and definitions of the concepts involved in the standard.

Institute of Chartered Accountants in England and Wales, Pensions

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Pension costs - basic funding methods

Article Abstract:

Within the accounting standard exposure draft recently issued in Great Britain entitled 'Accounting for Pension Costs' recommendations are made as to the type and degree of disclosure of operating results for pension plans, depending upon the funding method used by the plan. In light of this standard, funding methods and terms are defined to facilitate proper accounting for pension expenses. Included in the discussion are definitions of: entry age method, attained age method, projected unit method, current unit method, aggregate method, methods with control periods, and projected accrued benefit method.

Disclosure statements (Accounting)

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Practice note 2: accounting for pension costs under SSAP 24 - liaison between the actuary and the auditor

Article Abstract:

The Auditing Practices Committee's Practice Note 2: Accounting for Pension Costs under SSAP 24 - Liaison Between the Actuary and the Auditor, which was issued 16 Aug 90, is presented. The Practice Note covers the application of Statement of Standard Accounting Practice 24, Accounting for Pension Costs. The Practice Note covers the responsibilities of directors, auditors, and actuaries.

Accounting, auditing, & bookkeeping, Laws, regulations and rules, Corporate directors, Auditors, Actuaries, Auditing Practices Committee

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