Introduction

 

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 the current working party published a revised version in December 2002 taking into consideration changes in accounting practice and legislation in the intervening period. Details of the how to acquire a copy of the new SORP are available here.

At the request of the Accounting Standards Board, the SORP Working Party agreed to "kick off" a debate on whether actuarial liabilities should be included in the Financial Reports of Pension Schemes, effectively converting the present "Net Assets Statement" into a Balance Sheet through the inclusion of long term liabilities to pay future benefits etc. This debate commenced with the production of a consultative paper issued shortly before PRAG's annual AGM in November 2002. This allowed a wide-ranging debate to take place at the AGM. The consultation period closed 28 February 2003. The working party is currently collating the responses received and plan to meet with the Accounting Standards Board shortly. The results of the consultation are now public and available here.

 

 

PRAG regrets it is unable to offer advice on individual cases.  Please refer to your auditors for detailed guidance.