- New guidance on pension scheme reports and financial statements deals with impact of coronavirus (COVID-19) pandemic on preparing scheme accounts
- What is the background to the joint coronavirus guidance on pension scheme financial reports and audit published by the Institute of Chartered Accountants of Scotland (ICAS), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Pensions Research Accountants Group (PRAG)?
- What are the main points to consider in the guidance for both auditors and pension scheme trustees? Do they raise any important new details and issues?
- What impact will the points arising in the guidance have on the preparation of pension scheme financial reports and accounts for schemes with pre and post 31 December 2019 year-ends? What pension schemes are covered by this guidance?
- How will the joint guidance interact with both existing standards and guidance on financial reporting and coronavirus related guidance and announcements from the Financial Reporting Council and the Pensions Regulator?
- Are there any points that are not covered by the joint guidance that should have been?
Pensions analysis: On 2 June 2020 joint-guidance was published by the Institute of Chartered Accountants of Scotland (ICAS), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Pensions Research Accountants Group (PRAG) in order to provide additional assistance to pension scheme auditors when preparing scheme reports and financial statements following the impact of the coronavirus (COVID-19) pandemic so that they comply with audit requirements. The joint guidance will also be of interest to pension scheme trustees in understanding those aspects of a pension schemes audit most at risk in the current environment and how the coronavirus pandemic may have affected the value of fund investments. Written by Bassem Jadayel, Senior Pension Fund Accountant at Barnett Waddingham LLP.
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