The Pensions SORP - Statement of Recommended Practice - has been updated to take account of changes to FRS 102 and various legislative amendments to pension rules. Shona Harvie, partner in the pension funds group at Crowe UK and chair of PRAG explains the key revisions effective from 2019
The Pensions Accountants Group (PRAG) launched an updated Statement of Recommended Practice (SORP) making changes from the previous SORP to ensure consistency with the current version of FRS 102 and the latest pension legislation. The changes mainly include the withdrawal of transitional investment disclosure requirements and the incorporation of a small number of minor clarification points. The guidance has been put together by members of the PRAG’s SORP working party, chaired by Kevin Clark.
The last SORP was published in November 2014 and the one before that in 2007. The timelines for updates to the SORP are getting shorter with the latest version published in July 2018. With Financial Reporting Council (FRC) updates to FRS 102 expected to occur on a triennial basis, there are expected to be more frequent updates to the SORP going forward.
