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What SSAP 24 can tell us about accounting quality

British Actuarial Journal, 2011-09, Vol.16 (3), p.723-784 [Peer Reviewed Journal]

Institute and Faculty of Actuaries ;Copyright © Institute and Faculty of Actuaries 2011 ;ISSN: 1357-3217 ;EISSN: 2044-0456 ;EISSN: 1748-5002 ;DOI: 10.1017/S1357321711000183

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  • Title:
    What SSAP 24 can tell us about accounting quality
  • Author: Sweeting, P. J.
  • Subjects: Accounting ; Consumer goods ; Disclosure ; Discount rates ; Dividends ; Funding ; Linear regression ; Market value ; Pension costs ; Pension liabilities ; Pension plans ; Proxies ; Proxy reporting ; Proxy statements ; Quality ; Regression analysis ; SSAP 24 ; Standard error ; Statements of standard accounting practice ; Studies ; Valuation
  • Is Part Of: British Actuarial Journal, 2011-09, Vol.16 (3), p.723-784
  • Description: Statement of Standard Accounting Practice (SSAP) 24 required, for the first time, particular levels of disclosure in relation to firms' pension arrangements. Whilst this was a major step forward, it allowed a significant degree of discretion. This discretion meant that SSAP 24 was an observable measure of the quality and quantity of accounting disclosure for firms. This information can be used to determine the types of firms that give less information or use weaker assumptions. In my analysis, I find some evidence that large firms give more complete disclosures, but also that they are more able to exert influence on their actuaries to use weaker assmuptions for the valuation of pension scheme liabilities. There is also some evidence that more profitable firms disclose less, so firms with a higher average tax rate might want to overfund their pension scheme. Finally, there is evidence that highly levered funds are less likely to give complete disclosure, and that when they do disclose their assumptions, they use a weaker basis.
  • Publisher: Cambridge: Cambridge University Press
  • Language: English
  • Identifier: ISSN: 1357-3217
    EISSN: 2044-0456
    EISSN: 1748-5002
    DOI: 10.1017/S1357321711000183
  • Source: ProQuest Central
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