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Advanced Valuation Skills - Pension obligations

With populations living longer (increasing the projected benefit obligations), and the values of pension assets fluctuating wildly, pension issues are again being thrust into the public gaze.

Defined benefit pension scheme deficits and post-retirement obligations are debt. Many a deal has been abandoned at the last minute when the full extent of the pension deficit is revealed. The complexity of the accounting standards (IAS 19 and SFAS 158) does not make life any easier, since the net liability in the balance sheet often does not represent the figure at which a buyer would value it in an acquisition.

In this module, we look behind pension captions and financial statement disclosures, and try to reconcile them with discounted most likely cash flows.

  • Understanding financial reporting of pensions (IAS 19 - SFAS 158)
  • Incorporating actuarial assumptions

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