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Financial reporting for pensions
Rise to the challenge of pensions reporting
Be prepared
In the face of volatile markets, regular updates to accounting standards, increased scrutiny from audit regulators and ever-complicated pensions issues, it can be difficult to keep on top of your financial reporting requirements on pensions.
We bring our unique insight into market practice and an in-depth knowledge of all areas of pensions accounting to help clients stay ahead. Our experience of working with a broad range of pension schemes and corporate sponsors and using our technology to deliver comprehensive financial reporting means that we can ensure that there are no pensions surprises when it comes to your year-end.
Getting the numbers right
Our pensions technology will produce compliant pensions accounting disclosures for your UK defined benefit pension schemes at the click of a button. With the focus on the accuracy of pensions figures, the PwC mark of quality ensures that you will receive robust, accurate results.
Consolidating your worldwide pension expense
If you have multiple pension schemes, particularly if they are in a number of different countries, it can be complicated and time-consuming to consolidate your pensions numbers. Our cutting edge consolidation technology enables you to:
- Consolidate your worldwide IFRS or US GAAP pension expense, quickly and efficiently;
- Provide a slick, integrated end-to-end process, from information collation to auditor-ready;
- View web-based interactive results with instantaneously downloadable user-customised disclosures;
- Assess the impact of economic changes to avoid surprises before the year-end;
- Access information at anytime from anywhere, ensuring consistency and flexibility.
And we can provide “pre-audit assurance” on your pensions figures, reducing the level of management time dealing with auditor queries.
Interpreting pensions accounting standards
Interpreting pension accounting standards isn’t always straightforward, given the complexities of pension schemes. For example, many schemes offer various member benefit options in order to help manage risk, but the accounting for these can be nuanced. There may be no single right answer.
We work with clients to explore their needs and challenges, to help you reach the best solution.
Disclosing pension risk
Sponsors are under pressure to improve the transparency of their pension arrangements; amid economic uncertainty, continued low interest rates and scrutiny of defined benefit deficits, regulators, investors and the media are all demanding more information and clearer disclosures. Furthermore, the IASB is currently reviewing the IFRS disclosure requirements for pensions.
Do your financial statements fully disclose significant accounting judgments and adequately explain pension risk? High-quality pension disclosures that go beyond the minimum requirements of the accounting standards will enhance your organisation’s relationships with investors and other audiences.
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Contact us
Financial Reporting for Pensions Leader, PwC United Kingdom
Tel: +44 (0)7803 668075
Paul Allen
Financial Reporting for Pensions Actuary, PwC United Kingdom
Tel: +44 (0)7803 859050
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