PRAG has working parties and representatives considering various subjects. Certain subjects are ongoing and “standing” working parties and representatives continue to operate deal with various issues as they arise from time to time. Other working parties are formed to focus on specific issues and then publish guidance 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 Chair.

Current working parties are:

SORP

PRAG is the Financial Reporting Councils recognised SORP making body for pension schemes. This working party is a standing working party and it updates the SORP to ensure that it complies with FRS 102.

Derivatives

The working party considers matters related to derivative accounting.

Joint 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 working party monitors and interprets the guidance issued by HMRC following the ECJ judgement on PPG Holdings.

Master Trusts

This working party to consider the specific accounting and related governance issues faced by Master Trusts.

Pensions Audit Technical Discussion Group

The Pensions Technical Discussion Group comprises representatives from firms providing audit services to pension schemes.

Data Protection and Cyber Security

This working party considers the impact on pension schemes of the General Data Protection Regulations and the increasing prevalence of cybercrime.

Taxation

A PRAG representative attends HMRC pension stakeholder meetings and feeds back key tax matters to members.