Pension scheme accounts should not be required to recognise the actuarial
liability to pay pensions in the future, according to the Pensions Research
Accountants Group (PRAG).
Members of the independent research group held a debate on the Financial
Reporting of Pensions, the discussion paper issued by the Accounting Standards
Board (ASB) in January, at its summer meeting on 25 June.
PRAG president Mike advocated a ‘back to basics’ approach, and questioned
whether it was appropriate for accountants to ‘interfere in economic modelling’.
Executive committee member Zahir Fazal said that the proposals, if
implemented, would cause confusion as the valuation of the actuarial liability
would be different for employer financial reporting, pension scheme financial
reporting and for the purposes of funding the scheme. Fazal said he was in
favour of continuing the current principle of stewardship, a view supported by
Following discussions, members of PRAG voted unanimously against the ASB
proposals in relation to including actuarial liability.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed