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Accounting Standards (FRS102 / IAS19)

 

  • Accounting standards set out the value of pensions accrued, together with the value of assets set aside to meet these liabilities, for inclusion on the balance sheet. An external auditor will determine whether these accounting standards apply to you as an organisation.
  • The responsibility for underlying accounts and assumptions rests with the directors/trustees of each organisation.
  • You should contact your auditor to confirm if this is a requirement for your organisation. As a participating employer within the West Midlands Pension Fund (WMPF), you are able to participate in the bulk arrangement with the Fund's actuary regarding provision of FRS102 and IAS19.
  • If any employer has previously requested accounting standards, the Fund will assume one is required for future years unless the Fund is notified otherwise.
  • For any new employers and employers that did not request an accounting disclosure last year, an email request will be sent to the Finance/FRS contact within their organisation to participate in the accounting disclosure bulk exercise, prior to the financial year end for their organisation.
  • For any employers participating in the bulk arrangement, the cost for such a report would be at a reduced rate.
  • For an organisation's first report or for a request outside of the bulk arrangement, the costs would be higher.
  • Feed for producing accounting disclosures will be invoiced to the organisation.

 

 

 

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