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PRAG Current Projects


PRAG has working parties considering various subjects. Certain subjects are ongoing and "standing" working parties continue to operate to deal with various issues as they arise from time to time. Other working parties are formed to focus on specific issues and then publish a report for circulation to members.

PRAG is keen to sponsor new working parties.  If you would like to be involved with any working parties or have suggestions for an alternative working party please contact the Research Secretary.


Current working parties are:


SORP

The role of the SORP Working Party is to ensure that the SORP reflects best practice and guidance in accordance with legislation and Financial Reporting Standards. The original SORP was issued in July 1996 and has since been updated on three occasions (2002, 2007 and 2015) taking into consideration changes in accounting practice and legislation in the intervening period.

This standing Working Party considers possible updates required to the SORP so that it remains in line with FRS102 and legislation.


PRAG/Investment Association

This working party considers the specific investment disclosure requirements set out in the SORP and seeks to achieve a good flow of information between accountants, investment managers and trustees. 


Defined contribution

The working party is looking at a broad range of issues relevant to pension scheme accountants including internal control and governance


VAT

The VAT Working Party is currently monitoring and interpreting the guidance being issued by HMRC following the ECJ judgement on PPG Holdings.


Master Trusts

This is a newly formed working party to consider the specific accounting and related governance issues faced by Master Trusts.  The working party was formed in 2017.

 

Data Protection and Cyber Security

This is another new working party formed in 2017 and its scope is to consider the risks to pension schemes of the forthcoming General Data Protection Regulations and the increasing prevalence of cyber crime.
 

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