Do we really understand how the actuary's work?

Article Abstract:

Two of the important aspects in constructing a pension fund are the work of the actuary and the accountant. The actuary attempts to project how much money will be required at any present or future date to provide benefits to retirees. The accountant determines how money is accumulated for this purpose and how it is used. Among the factors the actuary must consider are whether or not the pension plan will cease to exist, how many people will enter or leave the plan, how many people will receive raises which will raise their pensions, how much money must be received on a regular basis to cover plan benefits, and other factors. One method of doing this is the defined accrued benefit plan, which accommodates all of these factors. The plan can be open or closed, i.e., can assume new members will join, or that they will not.

Planning, Practice, Pensions, Actuaries

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Accounting for stud farms

Article Abstract:

Accounting procedures for tax reporting of horse farms are described, including possible audit problems such as value-added tax. The main problem in taxation of horse breeding farms is that the Inland Revenue treats the activities of horse breeding as one activity and horse training or racing as another. By combining them, the discrepancies between market value and book value of the horses, their upkeep and training, are resolved. Special problems in auditing include accounting for the physical presence of the horses, their whereabouts if sold, and any pregnancies or deaths. A final audit consideration is whether or not financing of the farm will continue to be available.

Taxation, Accounting and auditing, Horse racing, Horse-racing, Horse farms, Horse breeding

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ED 40: stocks and long-term contracts

Article Abstract:

The proposed revision of Statement of Standard Accounting Practice 9 pertains to international contract law, specifically in regard to balance sheet carrying value of long-term contracts. Part 1 discusses stocks, net realizable value, replacement costs, long-term contracts, disclosure in financial statements, and other practical considerations. Part 2 defines terms. Part 3 advances proposed standard accounting practices regarding stocks and long-term contracts. Part 4 addresses legal requirements in Great Britain and Northern Ireland. Part 5 addresses legal requirements in the Republic of Ireland. Part 6 concerns compliance with international accounting standards.

Laws, regulations and rules

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