This accounting note for Q1 2022 will help those involved in preparing and auditing pension disclosure under Accounting Standards FRS102 (UK non-listed), IAS19 (EU listed) and ASC715 (US listed) as at 31 March 2022.  


It covers current issues for company directors setting assumptions, and for auditors determining whether they are appropriate.

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Key topics

  • IAS19 positions improve as yields rise: Since 31 March 2021 most schemes have likely seen an increase in their IAS19 funding level, with immature schemes and those which have retained a high allocation to growth assets profiting the most.
  • Impact of Covid-19 on pension scheme demographics: The CMI has estimated there have been approximately 120,000 more deaths in the UK than would have been expected since the start of the pandemic, but this is unlikely to mean a significant reduction in pension scheme liabilities.
  • Changes from RPI to CPIH in 2030: The change to the Retail Price Index inflation statistic to bring it in line with the ‘CPIH’ index is likely to take place in 2030. 

Further topics featured include the below. 

  • IAS19 disclosure requirements
  • setting discount rates under the accounting standards
  • inflation based on RPI and CPI
  • mortality assumptions

Read our briefing note to stay up-to-date with the latest issues in pensions financial reporting.

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