PASC Standards
The Performance & Accounting Standards Committee (PASC) is a committee of
Remuneration Disclosure
Initially issued in March 1996 there commendation was ford is closure in the financial statements for Directors' and Chief Executives' remuneration. The recommendation also included for disclosure of the total remuneration of the members of the Management Executive of the society along with the total numbers grouped in each £5,000 incremental banding e.g. £45,001 - £50,000, £50,001 - £55,000 and so on.
Requirement of FRS 5 amendment
The Accounting Standards Board (ASB) issued an amendment to FRS5 related to 'Revenue Recognition', which took effect for accounting periods ending on or after 23 December 2003. PASC brought this to the attention of its member societies in January 2004 reminding them that they should review all income streams applying the tests laid out in the standard. This could have resulted in a change of accounting policy and, if applicable, a prior year adjustment. A further letter was issued to member societies in January 2005 with guidance on turnover and examples of income classification.
Creditor Payment Practice
Issued in December 1996 this recommendation specified that societies should disclose in its Directors Report the society's policy on the payment of its suppliers. This would normally include a statement reporting the number of days' purchases outstanding at the end of the financial year.
Unqualified Audit Report
Most societies normally receive an unqualified audit report with regard to its annual report and financial statements. In the circumstances that a qualified audit report is necessary this should be appropriately disclosed along with the reasons for the qualification.
Publication of Half-Yearly Accounts (Interim Accounts)
PASC recognises the importance of the publication of half-yearly accounts for its members. The recommendation issued by PASC concentrated on the format of interim accounts due to the legal problem that still exists requiring a full audit for publication of Balance sheets and Profit & Loss accounts.
Financial Statements published on the Society's Web Site
PASC encourages societies to include their annual reports and financial statements on their websites whilst observing all the necessary legal requirements.
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