Disclosure Flashcards
1
Q
What’s contained in a disclosure document
A
DISCLOSURE
2
Q
Why disclose benefits?
A
SIMMERS
3
Q
When will a member receive disclosure of his benefits?
A
PRICE
4
Q
What’s important in benefit scheme costs in accounts?
A
Reader can form a realistic opinion of company current and future financial position
5
Q
What standards on accounting for benefit schemes are there?
A
Rcognise accruing benefits
Consistency year on year
Disclose all important information
Avoid distortions arising from irregular employer contributions
6
Q
Why might there be a difference in accounting standards for benefit schemes between different companies?
A
Different Methodology Assumptions Smoothing calculations Disclosure information Focus is more on balance sheet that revenue account or vice verca
