ABOUT PRAG

For over 40 years, PRAG has been at the forefront of pensions accounting, driving best practice in scheme governance and financial reporting.

We are recognised by the Financial Reporting Council for the Pensions Statement of Recommended Practice (SORP), which is a significant focus of what we do. We also respond to consultations and provide guidance on other areas affecting UK pension schemes.

WHAT WE DO

PRAG’s main function is to examine various pension topics and produce publications for our members. The reports are prepared by working parties which are set up for the specific purpose. Our working parties include specialist or interested members of the Group as well as individuals from outside the Group who contribute to the projects.

The Group’s first publication was Financial Reports for Pension Funds, a report which had a revolutionary impact on pension fund reporting and formed the blueprint for subsequent legislation and accounting practices. PRAG and its members have been closely involved in the development of the accounting and reporting aspects ever since.

In 1996, PRAG was recognised by the Accounting Standards Board as the appropriate organisation to issue Statements of Recommended Practice (SORPs) for pension schemes. A new SORP called Financial Reports of Pension Schemes was first published in 1996, followed by various editions with the latest update released in 2018.

If you would like to contribute to the development of best practice in the financial management and governance of pension schemes, why not become a member?

Join PRAG