Circular Reference: HSC(F)23-2017

(Branch Title)

Subject:
HSC Pension Scheme Resource Account 2016/17
Events after the Reporting PeriodI /

Circular Reference: HSC(F)23-2017

HPRM Ref: HE1/17/90573

Date of Issue: 25April 2017

For Action by:
BSO Director of FinanceBSO Director of Operations
For Information to:
Summary of Contents:
Request Events after the Reporting Period(return 1)
(to 24 May2017)
Enquiries:
Any enquiries about the contents of this Circular should be addressed to:
Nicola McKnight
Financial Accounting Unit
DoH
Room D3.7
Castle Buildings
Stormont
BELFAST
BT4 3SQ
Tel: (028) 9076 5697
/

Related documents:

Superseded Documents:
Expiry Date:
24 May 2017
Status of Contents:
Action
Implementation:
Immediate

Events after the Reporting Period

The purpose of this circular is to request information needed for the preparation of the 2016/17HSC Pension Scheme Resource Accounts (HSCPSRA). These accounts are completed in accordance with the Financial Reporting Manual (FReM) and compliance is mandatory for all departments. These accounts areprepared under International Financial Reporting Standards (IFRS).

The Department is aiming to lay the pension scheme accounts before summer recess andit is therefore crucial that all submissions (including nil returns) are made on a timely basis and are as reliable and accurate as possible.

The information must be supplied in accordance with the guidance below.It is the responsibility of each individual to use the guidance to ensure an accurate and complete return is made

Information Requirement

IAS 10 “Events after the Reporting Period” requires the disclosure of material events arising after the balance sheet date of 31 March 2017, but before the date on which the financial statements are authorised for issue. For the purpose of the draft accounts, whichare due with the Northern Ireland Audit Office by 31 May 2017, we are asking for any post balance events up to 24 May 2017 to be reflected in the draft accounts.

Financial Accounting Unit will circularise you again prior to approval of the final accounts which are due 28 June 2017, to update our events after the reporting period. This second review will cover the period 25 May2017 – 25 June 2017.

You are asked to complete the pro-forma to provide the following information;

Events after the Reporting Period

If no events after the reporting period have occurred between 1 April 2017 and24 May2017, please complete Annex 1 of the pro-forma to confirm this.

Alternatively, if there are events after the reporting period which have occurred between 1 April 2017 and 24 May 2017, please complete either Annex 2 if it is an adjusting event or Annex 3 if it is a non- adjusting event.

The pro-forma provides clarification and examples of the meaning of adjusting and non adjusting events.

Disclosure of such transactions is a requirement of the accounting standard IAS 10 and compliance is mandatory.

If you are in any doubt with regard to the information being sought please contact Nicola McKnight, Financial Accounting Unit (Tel:028 90765697)

Return date

The return pro forma must be completed, signed and dated and returned electronically to Thursday25thMay 2017.

Your co-operation in this matter is greatly appreciated.

Nicola McKnight

Financial Accounting Unit

Appendix 1

EVENTS AFTER THE REPORTING PERIOD

Summary of Requirements

An event after the reporting period is an event which occurs between the balance sheet date and the date on which the financial statements are authorised for issue.

Events after the reporting period may be classified as:

Adjusting events – events which provide further evidence relating to conditions existing at the end of the reporting period.

A material adjusting event requires changes in the amounts included in the

financial statements.

Non-adjusting events – events which arise after the reporting period and concern conditions which did not exist at that time.

A material non-adjusting event should be disclosed where it is an event of such materiality that non-disclosure would affect the ability of the users of the HSCPSRA to make proper evaluations and decisions.

Examples of adjusting events include:

Declaration of bankruptcy by a long outstanding receivable after the reporting date may provide evidence that the receivable was impaired at the reporting date.

Detection of fraud or errors after the reporting period may indicate that the financial statements are misstated.

Settlement of litigation against the entity after the reporting date, in respect of events that occurred before the end of reporting period, may provide evidence of the existence and amount of liability at the reporting date.

Examples of non-adjusting events include:

Decline in the value of property and investments held as fixed assets, if it can be demonstrated that the decline occurred after the year end.

Destruction of assets of the entity by floods occurring after the reporting period does not indicate that the assets of the entity were impaired at the end of reporting period.

Initiation of litigation against the company arising out of events that occurred after the reporting period does not indicate the existence of liability at the reporting date.

Annex 1

DEPARTMENT OF HEALTH

Financial Accounting Unit

Room D3

Castle Buildings

EVENTS AFTER THE REPORTING PERIOD (I)

I ……………………………………………

confirm that within the period 1 April 2017 to 24 May 2017, there are no adjusting/non adjusting events after the reporting period of which I am aware which require disclosure/provision in the HSC Pension Scheme 2016/17 Resource Accounts.

Name ……………………………………..

Grade ……………………………………..

Date ………………………………………..

Annex 2

DEPARTMENT OF HEALTH

Financial Accounting Unit

Room D3

Castle Buildings

EVENTS AFTER THE REPORTING PERIOD (I)

I ……………………………………………

confirm that the following non adjusting event after the reporting period which occurred within the period 1 April 2017 to 24 May 2017 requires disclosure in the HSC Pension Scheme 2016/17 Resource Accounts.

…………………………………………………………………………………………………………………

(The disclosure should include detail outlining the nature of the event and an estimate of the financial effect, or a statement that it is not practicable to make such a statement.)

Name ……………………………………..

Grade ……………………………………..

Date ………………………………………..

Annex 3

DEPARTMENT OF HEALTH

Financial Accounting Unit

Room D3

Castle Buildings

EVENTS AFTER THE REPORTING PERIOD (I)

I ……………………………………………

confirm that the following adjusting event after the reporting period occurred within the period from 1 April 2017 to 24 May 2017

…………………………………………………………………………………………………

(Please include the financial effect of the adjusting post balance sheet event)

Name ……………………………………..

Grade ……………………………………..

Date ………………………………………..