This briefing note aims to help those involved in preparing and auditing pension disclosures under Accounting Standards FRS102 (UK non-listed), IAS19 (EU listed) and ASC715 (US listed) as at 31 December 2023.

Discover the current topical issues as well as the considerations for company directors when preparing disclosures, and for auditors in determining whether the assumptions are appropriate.

Top insights

  • IAS19 liabilities rise over the last year - since December 2022, most schemes have likely seen a rise in the value of their liabilities. This rise reflects a decrease in discount rates which won’t be welcome news to corporate sponsors.
  • Impacts on balance sheet are mixed - The outcome of increased liabilities from lower discount rates mean the net balance position will likely have worsened for most schemes. However, the overall impact will depend on the level of hedging used by the scheme.
  • Consider IFRS17 for parent guidelines - Where the pension scheme has a parent guarantee in place, entities should consider whether these need to be accounted for in the guarantor's accounts under IFRS17. 

We'll also explore topics such as

  • Inflation changes from RPI and CPIH;
  • the impact of the pandemic on demographics; and
  • developments in mortality assumptions.

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