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Pension SORP to be updated to reflect FRS 102

PRAG is consulting on amendments to the pensions SORP to bring it in line with recent FRS 102 accounting change, including on fair value and investment risk disclosures

The consultation sets out proposed amendments to the Statement of Recommended Practice (SORP), Financial Reports of Pension Schemes 2025. The SORP was last reviewed and updated in June 2018.

Pensions Research Accountants Group (PRAG) is proposing changes to fair value reporting, investment risk disclosures and sole investor pooled arrangements.

The decision to amend the pensions SORP is the result of a number of changes to FRS 102 made by the Financial Reporting Council (FRC) as well as industry developments which impact on pension scheme financial reporting, particularly investment strategies.

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