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PRAG is an independent research and discussion group for the development and exchange of ideas in the  pensions field.
Its efforts are concentrated mainly on the areas of reporting and accounting by pension schemes but it has also produced reports on other related matters.
It was established in 1976 on the initiative of Mike Young, a chartered accountant and pension scheme manager. He was the first chairman and is now the Group's life president.
The first, and probably the best known, publication of the Group was a report entitled "Financial Reports for Pension Funds". This report had a revolutionary effect on pension fund reporting and formed a blueprint for subsequent legislation and accounting practices.
During 1996 PRAG was recognised by the Accounting Standards Board as the appropriate organisation to issue Statements of Recommended Practice (SORPs) for pension schemes resulting in the publication of a new SORP entitled "Financial Reports of Pension Schemes" in July 1996, updated in November 2002, and further revised in 2007.
The group is administered by an Executive Committee of up to seventeen people.
We would appreciate your comments regarding the organisation or the website, please send your comments to:- feedback@prag.org.uk
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Statements of Recommended Practice ("SORPs") are recommendations on accounting practices for specialised industries or sectors.
PRAG is recognised by the ASB as the appropriate body within the pensions industry for issuing statements of recommended practice governing the form and content of financial statements for pension schemes.
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