The most recent SORP is both bonkers and impractical
By now we’re all becoming familiar with the new accounting requirements in the most recent SORP – the ones that require us to value annuities and include them as both asset and liability on our pension scheme balance sheet.
I have a genuine practical problem with these – but I’ll come to that in a moment. Firstly, I should come off the fence and make it clear where I stand on this idea: It’s bonkers....
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