Accounting for pension costs - IAS 19 disclosures

Tender description

CLOSING TIME FOR BIDS IS 05/04/2018 14:00 HOURS. DO NOT APPLY DIRECTLY TO THE BUYER. To express your interest in this opportunity email ExpressionOfInterest@crowncommercial.gov.uk. In accordance with International Financial Reporting Standards (IFRS) as adapted and interpreted by the HM Treasury Financial Reporting Manual (FReM) , BEIS prepares consolidated annual financial statements. During this process, BEIS collects financial and non-financial information that is subject to judgements, estimates and assumptions, which in some cases, are based upon professional's valuation and/or assessment. Defined benefit pension schemes are such an area as they require an actuarial valuation to prepare pension accounting disclosures in accordance with IFRS standard IAS 19 Employee Benefits. •Objectives: Accounting for pension costs - IAS 19 disclosures for: •17/18 IAS 19 disclosures, including movements in the Statement of Comprehensive Net Expenditure, year-end position in the Statement of Financial Position and other disclosures required under the standard •16/17 IAS 19 disclosures as above (as comparatives in the 2017-18 accounts) •1 April 16 Statement of Financial Position value (as the opening for assets and liabilities for 2017-18 accounts) Scope: In preparing the disclosures, the steps below will be expected to be carried out by the actuary: •Provide terms of reference document which describes the scope of work to be performed by the firm •Collection of the data necessary for the calculations from the scheme administrator and fund managers •Advice on the assumptions appropriate to the DSRL section's circumstances and market conditions at the 31 Mar 2018 and earlier years, including brief discussions with BEIS and its auditors. •Provision of the financial disclosures required for the BEIS departmental accounts under IAS 19 for the years ended 31 March 17. •Calculation of the Statement of Comprehensive Income and Expense charge for the FY17/18 and FY16/17, and the Statement of Financial Position pension balances as at 31 Mar 2018, 31 Mar 2017 and 1 April 2016 under IAS 19. •Provision of the financial disclosures required for the BEIS departmental accounts •Preparation of a formal report, including the disclosures and supporting descriptions for BEIS and its auditors, liaising with the auditors to answer their queries and helping understand the figures. •The IAS 19 report needs to be competed and delivered to the department for its accounts as at 31 March 2018 by 18th May 2018. Terms and Conditions Bidders are to note that any requested modifications to the Contracting Authority Terms and Conditions on the grounds of statutory and legal matters only, shall be raised as a formal clarification during the permitted clarification period.