A lot can happen in seven years – and it certainly has since the Statement of Recommended Practice, Financial Reports of Pension Schemes (Pensions SORP) was last updated in 2018. So when the revised SORP is rolled out in January, it will go down as a key milestone in pension guidance.

“The Pensions Research Accountants Group (PRAG) put the updated SORP out for consultation in June, with feedback due to be issued shortly,” says professional trainer John Moffatt, who will be leading two ICAS courses on the subject. “It’s due to be finalised in December and then rolled out from 1 January. There’s been plenty of stakeholder engagement but, other than some subtle wordings and interpretations, we believe that the final version will not change substantially.

“So we will shortly have a statement that takes into account everything that has taken place in the past seven years, including FRS 102 and many other changes across the industry, such as shifts in pension scheme investment strategies.

“They’ve looked in detail at issues such as fair value measurement, investment risk disclosures and sole-investor pooled arrangements. And the opportunity has been taken to provide a lot of useful information, such as illustrative examples and an updated set of pro forma accounts.

“If you’re working with pension schemes, you’re in a specialist arena, so it’s very important to keep up with developments. These two courses will provide all the key information and insights you require to keep up to speed, covering both sides of the coin – accounts and audit.”

The Pension Scheme Accounts Following FRS 102 & SORP course is designed for anyone involved in the preparation of accounts for pension schemes, including administrators, trustees, accountants and advisers. It will cover the following:

• The form and content of pension scheme financial statements
• Determining the fair value of pension scheme investment assets
• Fair value hierarchy in valuing investments
• Disclosure of fair value determination
• Disclosure of investments and risks
• PRAG practical guidance on investment disclosures and accounting for derivatives
• Disclosure of post-balance sheet events and the assessment of going concern
• Annuity contracts
• AVC arrangements
• Pension Protection Fund
• Schemes in wind-up
• Review of SORP illustrative format of financial statements

The other ICAS course, An Introduction to the Audit of Pension Schemes, shows how to understand and consider the particular aspects of pension schemes. It will provide trustees with information on investment and risk disclosures required in the financial statements. It will examine the responsibilities of all parties and communication with the trustees. The session will also cover the following:

• Pension scheme annual report and accounts
• The planning of a pension scheme audit and the assessment of materiality
• Issues to be considered during the audit fieldwork and the application of auditing standards
• The audit of investments and risk disclosures
• Review of the trustees’ report, including the statement on contributions
• The assessment of going concern
• Reporting to regulators
• The updated SORP for the financial reports of pension schemes

Moffat will pick up on the implications from July’s PRAG webinar, which explained the key changes to the SORP.

The focus of the course will be to provide practical support to everyone who attends. “I’m a very interactive trainer,” says Moffat. “The courses will be open and interactive, and people are very welcome to speak to me and ask questions. Also, if something comes in that’s a bit leftfield and I can’t answer it immediately, I’ll research the query and come back to you later with the information you need.”

Pension Scheme Accounts following FRS 102 & SORP takes place on the morning of 9 December 2025, with An Introduction to the Audit of Pension Schemes following in the afternoon. Both courses are online only. For more information or to book your place, email ldicas@bpp.com