What does PRAG do?
PRAG’s primary function is to produce publications on various pension topics. The reports are prepared by working parties that are set up for the specific purpose. The working parties are made up of specialist or interested members of the Group and often include individuals from outside the Group to contribute to the deliberations.
The first publication of the Group and one its best known publications, was a report entitled "Financial Reports for Pension Funds". This report had a revolutionary impact on pension fund reporting and formed a blueprint for subsequent legislation and accounting practices. PRAG and its members have been closely involved in the development of the accounting and reporting aspects of these subsequent changes.
During 1996, PRAG was recognised by the Accounting Standards Board in the UK as the appropriate organisation to issue Statements of Recommended Practice (SORPs) for pension schemes. Accordingly, in July 1996, PRAG published a new SORP entitled "Financial Reports of Pension Schemes" which set out recommendations, intended to represent best practice, on the form and content of the financial statements of pension schemes. The SORP is specifically referred to within the UK legislation relating to the content of pension scheme financial statements and since 1996 has been revised on several occasions due to changes in accounting standards and legislation. The current version was published in late 2014.