Version 1.0 Produced 2011-07-29
1. Table 1 is a re-statement of the consolidated income and expenditure account in the financial statements. The figures included in Table 1 must be identical to the institution's audited financial statements.
2. The data for Heads 1a to 1e and 2a to 2d are derived automatically from Table 6b and Table 7 respectively. The data for Heads 1f, 1h, 2e, 3, 9, 10, 13 and 14 are automatically calculated and require no input.
3. Entries are required for Head 1g Less: share of income in joint venture(s), Head 4 Share of surplus/(deficit) in joint venture(s) and associates, Head 5 Taxation, Head 6 Minority interest, Head 7 Exceptional items, Head 8 Transfer from/(to) accumulated income in endowment funds, Head 11 Difference between historical cost depreciation and the actual charge for the year calculated on the re-valued amount and Head 12 Realisation of property revaluation gains of previous years.
4. Exceptional items should only be included under Head 7 where they meet the definition of exceptional items, set out in paragraphs 19 and 20 Financial Reporting Standard (FRS) 3 - Reporting Financial Performance. FRS 3 requires the separate disclosure of:
This should be the same as the principle applied in the audited financial statements.
5. For the purpose of the HESA FSR joint ventures should be included under the gross equity accounting method of FRS 9 on a line by line basis:
6. The previous year's restated figures must be included for comparative purposes. Direct entries are required.
7. UIFT Abstract 48 'Accounting Implications of the replacement of the retail prices index with the consumer prices index for retirement benefits' was issued in December 2010 and its adoption was immediate.
The following text from UITF 48 explains how the effect of a reduction in scheme liabilities should be presented:
'In accordance with FRS 17 a change in the scheme liabilities arising from a change in benefit is part of the non-periodic pension costs and is recognised in the profit and loss account. In contrast change in the scheme liabilities arising from a change in an assumption is part of actuarial gains and losses and is recognised in the statement of total recognised gains and losses'.
HEIs will agree with the auditors their accounting treatment of any credit arising from the above and the relevant disclosures in the financial statements, which may include a restatement of the comparative figures if an adjustment was made in 2009-10.