RegulationAccounting StandardsICAEW to tame deficit beast

ICAEW to tame deficit beast

The ICAEW is plotting a strategy to deal with its pension deficit, after new figures showed that it has ballooned to £26m

The deficit has grown by £4m over the past 12 months, according to its annual
review. The problem has grown after a revision of mortality and longevity
assumptions. It could also increase further later this year, when the body
carries out its triannual actuarial review in the autumn.

The ICAEW grew its income to £64.8m for 2006 from £60.5m a year earlier,
posting a £4.8m profit after taxation. Subscription revenues grew to £30.6m from
£28.1m.

‘When we get the valuation we will talk about our funding plan,’ said the
spokesman.

More than £4m was paid towards operating the
Joint Disciplinary
Scheme
and the
Accountancy Investigation
Discipline Board
this year.

Marketing spend on the institute’s learning and professional development
department increased by more than £1m to £1.7m.

‘Last year was a successful one for the institute,’ said chief executive
Michael Izza. He cited the institute’s work in training in China and Russia, and
developing working relationships between the World Bank and the European
Commission.

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