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FSR record 2014/15

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FSR record 2014/15

FSR Table 2 - Consolidated statement of recognised gains and losses

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Version 1.0 Produced 2015-03-05

  1. Table 2 is a re-statement of the statement of recognised gains and losses in the financial statements.
  2. The data for Head 1 are derived automatically from Table 1. The data for Heads 10, 12 and 13 are automatically calculated and require no input. Entries are required for Heads 2 to 9 and Head 11.
  3. The figures included in Table 2 must be identical to the HEP's audited financial statements.
  4. The previous year's restated figures must be included for comparative purposes. Direct entries are required. 
  5. Table 2 Head 1 is populated automatically with the surplus before the transfer to endowments funds (Table 1 Head 9 minus Head 8).  This gives the starting figure for the Statement of Total Recognised Gains and Losses (STRGL) in accordance with that suggested in the Model Financial Statements (May 2010).
  6. However, an individual HEP's usual practice may be to use the surplus from the income and expenditure account after taking into account the transfer to/from endowment funds as the opening figures in their published  STRGL.  If this is the case then HEPs should ensure that this opening figure together with the figure for endowment transfer for the year within the detail of the STRGL reconciles to the Table 2 head 1 figure in their finance return spreadsheet.  Note that an entry into Table 2 for this transfer is not therefore required.  This should ensure that the reported Total Recognised Gains/(Losses) for the year as reported in the published accounts is the same as the Table 2 Head 10 figure in the return.

    FRS 17 pension credits arising from changing from RPI to CPI for UK pension plans

  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.
  8. 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'.

    HEPs 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 2013/14.

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