Prag updates guidance on accounting for pension schemes

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The Pension Research Accountants Group (Prag) has revised its guidance for trustees on financial reporting in pension schemes to bring it into line with updated financial reporting standards.

The revised statement of recommended practice (Sorp) is the result of an 18 month process and is the first overhaul of the guidance since 2007. Prag said it had tried to give schemes flexibility...

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