Pension scheme example financial statements guide 2015

Pension scheme example financial statements guide...

Welcome to the latest edition of KPMG’s guide to pension scheme financial statements.

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Pension scheme example financial statements guide 2015

We have comprehensively updated our guide to take account of the new accounting standard FRS 102 and the revised pension Statement of Recommended Practice (SORP) issued in November 2014.  

The new requirements of FRS 102 and the revised SORP represent the biggest change to pension scheme financial reporting in 30 years and in our view are to be largely welcomed. They bring pension scheme financial reporting up-to-date with current standards and practices, more closely align financial reporting of investments with trustee investment strategy and clarify the legal content of trustee reports. But whilst there is much to regard as positive they are not perfect by any means.

There will no doubt be practical issues implementing some of the required changes and debate over the usefulness of additional disclosures. However, given the purpose of pension scheme financial statements is to report on the stewardship of scheme resources by the trustees we think the direction of change is appropriate. We also believe the principles based framework set out by FRS 102 for investment reporting gives the SORP a valuable role to play in providing guidance in this key area.

We are at the start of an exciting new era of pension scheme financial reporting and the aim of this publication is to provide a practical guide to assist with the implementation of the required changes. We hope you find it useful.

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