Pensions Accounting – Page 5
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Features
Accounting: The Friedman conundrum
The world, or rather capitalism, has come a long way since Milton Friedman’s 1970 New York Times opinion piece The Social Responsibility of Business is to Increase Its Profits. Corporations, he argued, have no responsibility beyond the duty they hold to shareholders.
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News
Finland’s FSA extends close scrutiny of Elo after solvency scrape
Pekka Jaatinen to continue attending company’s board and management meetings on behalf of financial watchdog
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Features
Accounting: Getting there eventually
You could be forgiven for thinking that audit reform has a lot in common with online shopping: knowing what you want is the easy part – it is fulfilment that is the let-down.
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NewsUK DB schemes end turbulent year in strong position, LCP says
LCP’s report found that UK DB schemes ended the year with an aggregate balance sheet surplus of £10bn
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NewsAccounting standards come under fire from UK lawmakers
Since the UK’s departure from EU structures on 31 December 2020, new IFRSs have been adopted through means of a temporary endorsement mechanism
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Features
Reporting: Yours sustainably…
You know how one thing can lead to another? Well, that is what happened with the International Financial Reporting Standards Foundation’s steps into sustainability reporting.
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News
DB attribution project prompts warning from IFRS IC chair
The IFRS IC voted to confirm its tentative agenda decision concerning the attribution of periods of service under IAS 19
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News
Trustee association shows concern about time and resources spent
Requwsts for information are often excessive and seem to disregard the regulatory framework within which pension schemes operate
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News
Danish pension sector targets clarity over unlisted valuations
IPD members agree recommendations for guidelines after criticism from FSA about differences in the way firms valued their alternatives
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NewsAccounting roundup: Full-scale IAS 19 review option; new IOSCO group
Comprehensive review of IAS 19 included as option in IFRS Foundation consultation
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FeaturesDB accounting: Lump-sum benefits
Service-defined lump-sum payments are causing accounting attribution problems
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NewsSolvency II review may weigh heavier on Sweden than elsewhere: lobby
In Norway, Gabler says new capital requirement for interest-rate risk to have big effect on private pension funds
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News
Swedes get higher state pensions after COVID cuts life expectancy
Early statistical indications show life expectancy fell by around 1% in 2020, says pensions agency
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News
Covenant centrestage as USS outlines higher contribution rates
Contributions could go from upcoming 34.7% to 49.6% unless employers make further commitments, says USS
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Special ReportUK accounting: The Brexit slower ball
Full departure from EU rules means the UK must set up its own accounting standards
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News
IASB to seek views on future workplan; FRC sets out budget, priorities
The FRC said its projected spend for the coming year amounts to £52.2m (€60.7m). DB schemes are expected to contribute £1.2m under the pension scheme levy
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Features
Accounting Matters: Auditing the auditors
There is widespread consensus that the audit sector is not fulfilling its potential, and that previous attempts at reform have been ineffective. As the impact of high quality audit goes far beyond the boardroom, when pension funds rely on audited financial statements for their capital allocation decisions, it is ultimately their individual members’ capital that is at risk.
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News
ATP picks SimCorp’s SFTR reporting platform as EU regs kick in
Danish pension fund praises product’s ability to create complete picture for regulator
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News
UK roundup: FTSE 350 pension deficit finishes 2020 at £70bn
Mercer chief actuary emphasises de-risking importance
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Special ReportAccounting Matters - IAS 19: the negative view
Negative interest rates are probably the most daring policy move most of us will ever see. The idea that a borrower is paid to take out a loan, but a saver is penalised for setting aside money for their retirement turns our understanding of the fundamentals of finance on its head. But Europe has had them for more than a decade. And if the experience of today’s financial crisis is anything to go by, it will do so for a while longer yet. So where does this leave defined benefit (DB) sponsors and their accountants?
