Accounting for Pension Costs

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...