Yet more practical thoughts on pension costs

Article Abstract:

A committee formed by the Pensions Research Accountants Group (PRAG) has issued seven papers that focus on crucial issues related to the implementation of pension costs accounting guidelines outlined in the Statement of Standard Accounting Practices (SSAP) 24. The seven new papers deal with such issues as the materiality criteria for annual financial disclosures, the accounting of multiple-employer pension plans, and the amortization techniques for variations from regular cost. The committee, PRAG's SSAP 24 Working Party, is also preparing a paper that is to be submitted as evidence in the Accounting Standards Board's review of SSAPs.

Pension, health, and welfare funds, Accounting, auditing, & bookkeeping, Accounting Standards Board

---

Countdown to compatibility

Article Abstract:

British and US standards for pension accounting are compared, with emphasis on the provisions of Standard Statement of Accounting Practice (SSAP) 24 and Financial Accounting Standard (FAS) 87. FAS 87 is prescriptive, while SSAP assumes a broader approach. Charges for pensions may be considered as part of the following components under FAS 87: interest cost, service expense, estimated long-term plan assets return, past service cost amortization, loss or gain as recognized, and transitional adjustment amortization. Despite differences, it is suggested that both FAS 87 and SSAP 24 have compatible actuarial standards.

United States, Standardization

---

More practical thought on pension costs

Article Abstract:

The Working Party of the Pensions Research Accountant's Group (PRAG) is an independent discussion group that has been studying the practical ramifications of the UK Statement of Standard Accounting Practice (SSAP) 24, which covers accounting for pension costs and other post-retirement benefits. SSAP 24 tends to leave many practical issues to the discretion of individual accountants. Issues that PRAG has looked into and published its conclusions on include comparative figures, the balance sheet classification of pension assets, and subsequent actuarial valuations.

Similar abstracts:

• Abstracts: Accounting for pension costs - a statement of intent. Pension costs - basic funding methods. Practice note 2: accounting for pension costs under SSAP 24 - liaison between the actuary and the auditor
• Abstracts: Put your stock in the hands of the right institutional investors. Exchanges of capital offer flexibility, relief
• Abstracts: Z-scores: an approach to the recession. Towards a recruitment revolution. Graduate recruitment
• Abstracts: A pinch of salt on your fish and chips? What it costs to pay tax
• Abstracts: The specific powers of trustees. Dealing with insolvent partnerships. The appointment and retirement of trustees

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.