Pensions Accounting – Page 3
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NewsKLP blames ‘human error’ as it corrects huge pension underpayments
Norwegian municipal pensions giant owed 100 pensioners individual sums of up to €45,000 – including some deceased people
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NewsIlmarinen’s CIO suggests law changes to boost Finnish pension investment returns
Raising expected returns involves increasing risks, but long-term nature of pension liabilities make that possible, says Mikko Mursula
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NewsIcelandic pension fund returns slump real 12% in 2022
Pension fund association says last year marked by higher domestic and international inflation and turbulent world markets
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NewsNorway overrules FSA on fund fees, saving pension funds NOK8bn, says lobby
Finance Ministry disagrees with FSA that mutual fund managers are subcontractors
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FeaturesAccounting: Long-haul climate change reporting
Shortly after the International Sustainability Standards Board (ISSB) tentatively confirmed that companies using its climate-reporting standard must disclose their Scope 3 greenhouse gas (GHG) emissions, board chair Emmanuel Faber took to Twitter, making the bold claim that the board was “rewriting economics”.
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News
Alecta slashes one-off premiums by 7% as higher rates cheapen DB
Swedish pensions giant lowers premiums for PRI redemptions, saying pricing must be based on current market conditions
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FeaturesAccounting: IASB risks annoying stakeholders
If nothing else, the appointment of Linda Mezon-Hutter to the International Accounting Standards Board promises to bring a much-needed breath of fresh air and dose of reality to the standard-setter’s sleepy proceedings.
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LDI is ‘the ultimate folly’, says UK pensions expert Keating
September crisis was no black-swan event but certain to happen in time, Con Keating tells event
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IASB calls time on pensions, fair value disclosure project
Instead, board members are to develop proposals in March 2021 exposure draft for use by the board when drafting disclosure requirements in future
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FeaturesSingle versus double materiality: ISSB faces inconvenient truths
Climate change denial has been a tough ask this summer. Forest fires raged across Europe, part of a London suburb caught light, and hurricane-force winds left a trail of destruction in southern Austria. The doom loop was complete when falling river levels left France’s nuclear power plants battling to produce enough energy to meet the demand for cooling.
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News
Volatile markets bring annual reporting challenges as deadline looms for trustees
Trustees should consider the accounting implications of how much a scheme is exposed to current volatility
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FeaturesIASB's management commentary project faces identity crisis
Any regular follower of the International Accounting Standards Board is probably familiar with a particular recurring nightmare. It starts with good intentions but spirals into shifting project goals, missed targets, and unquantifiable hours of wasted time. Perhaps you awoke during July to find yourself observing the board’s July discussion of its management commentary project.
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FeaturesAccounting: Packed agenda as ISSB takes shape
ISSB board aims to finalise its first two sustainability standards by the end of the year A consultation on the ISSB’s work priorities is planned for later this year The role of materiality in sustainability reporting remains a hotly debated topic
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NewsUK DB pension scheme funding proposal ‘risks corporate insolvencies, asset fire sales’
Consultants warn on ‘dramatic’ impact of new UK DB pension scheme funding rules as DWP proposal raises insolvency risks
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NewsIASB opts for ‘middle-ground’ over IAS 19, IFRS 13 disclosure changes
Chair Andreas Barckow sensed ‘limited appetite’ for taking forward the board’s proposals for a fresh approach to disclosure in IAS 19 and IFRS 13
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PenSam told to tighten up procedures around private equity valuations
Danish FSA hands out official orders to add paperwork on performance monitoring, amid wider regulatory focus on private equity
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FeaturesA broader view on corporate pension disclosures
What is not to like? Finally, a principles-based approach to the disclosures in financial statements that aims to cut the clutter and home in on the material that is truly material.
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NewsIASB to decide pensions disclosure project next steps in September
Chair warns of danger of extending the scope of the project beyond that originally envisaged at the start of the project
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FeaturesAccounting: IASB risks project duplication over sustainability
Looking back, the warning signs were clear. “The trustees of the IFRS Foundation are considering whether [we] should play a role in the development of sustainability reporting standards,” the March 2021 exposure draft explains.
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NewsNew pension projection rules could generate ‘perverse’ results, LCP warns
Consultancy argues against proposed volatility-based approach for determining DC accumulation rate
