Accounting treatment of social benefits with a view to financial reporting requirements under the future EPSAS
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1 Accounting treatment of social benefits with a view to financial reporting requirements under the future EPSAS Issues paper presented at the EPSAS WG Meeting Rome, November 2016 The better the question. The better the answer. The better the world works.
2 Contents Introduction Objectives of the Issues Paper Background Methodology Findings regarding recognition and measurement of social benefits Accounting for social benefits under IPSAS in general IPSAS ESA 2010 Identified approaches in practice Discussion matters Scope of accounting for social benefits Recognition of social benefits obligations Page November 2016 Issues Paper on Social benefits
3 Introduction Methodology Findings Discussion matters Page November 2016 Issues Paper on Social benefits
4 Introduction Objectives of the Issues Paper Aim of the Issues Paper: Developing an analysis of the accounting treatment of social benefits with a view to financial reporting requirements under the future EPSAS Issues addressed in the paper: Main types of social benefits in Europe Approaches taken in international accounting frameworks Approaches taken in national accounting frameworks Problematic points/issues with regards to recognition and measurement Applicability of a single accounting model for all types of social benefits Advantages and disadvantages of widely used approaches Consequences for a possibly convergence between EPSAS and ESA Page November 2016 Issues Paper on Social benefits
5 Introduction Background Dec 2012: Public consultation on the suitability of IPSAS for the Member States Missing guidance on accounting for social benefits within the IPSASB s literature Mar 2013: Commission Staff Working Document Need for a specific IPSAS standard on social benefits Aug 2014: PwC Study 16 out of 28 central governments recognized expenses for social benefits when the cash payment is made Figure 1: Timing of recognition of expenses on social benefits. Source: PwC (2014), p.107 Mar 2016: OECD Survey Respondents are reluctant to account for liabilities relating to social benefits Page November 2016 Issues Paper on Social benefits
6 Introduction Main types of social benefits The most important types of social benefits in 2014, as a percentage of total social benefits spending COFOG subcategories (2014) Belgium France Germany Italy Netherlands Sweden 1. Old age 44,60% 55,18% 48,50% 65,20% 40,39% 51,56% 2. Sickness and disability 15,35% 11,58% 15,91% 8,31% 27,87% 21,44% 3. Family and children 11,69% 10,19% 8,22% 6,59% 5,68% 11,87% 4. Unemployment 11,24% 7,99% 9,56% 5,74% 11,02% 6,55% Page November 2016 Issues Paper on Social benefits
7 Introduction Materiality of social benefits within government spending Materiality of social benefits within overall general government spending ,00% Materiality of social benefits within government spending, ,00% 40,00% 38,00% 36,00% 34,00% 32,00% France Germany Italy Sweden Netherlands Belgium Page November 2016 Issues Paper on Social benefits
8 Introduction Possible classifications of social benefits Classification by function (COFOG) Classification by nature (ESA 2010 classification) 706 Housing and community amenities 707 Health 710 Social protection: 7101 Sickness and disability 7102 Old age D.621: Social security benefits in cash (social security schemes); D.6211: Pension benefits D.6212: Non-pension benefits 7103 Survivors 7104 Family and children 7105 Unemployment 7106 Housing 7107 Social exclusion n.e.c R&D social protection 7109 Social protection n.e.c. Social benefits (ESA 2010) D.62: Social benefits other than social transfers in kind D.63: Social transfers in kind D.622: Other social insurance benefits (employment-related schemes) D.623: Social assistance benefits in cash D.6221: Pension benefits D.6222: Non-pension benefits Page November 2016 Issues Paper on Social benefits
9 Introduction Methodology Findings Discussion matters Page November 2016 Issues Paper on Social benefits
10 Methodology 1. Identified the main types of social benefits used in the EU Member States based on an analysis of social benefits provided by Member States 2. Analysed the materiality of social benefits in selected EU Member States based on empirical data a) Overall by country and as a percentage of total general government expenditures/gdp b) Development over time c) Breakdown by COFOG subcategories 3. Identified approaches for classifying social benefits in statistics: a) Functional classification b) ESA classification 4. Described the current accounting guidance on social benefits (IPSAS, EAR, IFRS, ESA 2010) 5. Analysed national public sector accounting frameworks, i.e. France and Sweden as well as New Zealand based on questionnaires send to country representatives Page November 2016 Issues Paper on Social benefits
11 Introduction Methodology Findings Discussion matters Page November 2016 Issues Paper on Social benefits
12 Accounting for social benefits under IPSAS in general Obligations to individuals who have not met the eligibility criteria for a scheme, or who are not currently contributing to a scheme that would entitle them to future benefits are currently not captured by IPSAS and will probably not be covered by the IPSASB s project on social benefits Source: IPSASB Consultation Paper, Recognition and Measurement of Social Benefits, July 2015, p. 17 Page November 2016 Issues Paper on Social benefits
13 Accounting for social benefits under IPSAS Scope of IPSASB s project on social benefits Source: IPSASB Consultation Paper, Recognition and Measurement of Social Benefits, July 2015, p. 13 Page November 2016 Issues Paper on Social benefits
14 Accounting for social benefits under IPSAS Recognition and measurement of social benefits Approach Obligating event approach Social contract approach Insurance approach Recognition when a present obligation arises five distinct points identified no recognition of liabilities by analogy to the accounting for executory contracts a present obligation is recognized at the point that coverage begins Measurement cost of fulfillment not applicable in accordance with actuarial requirements Page November 2016 Issues Paper on Social benefits
15 Accounting for social benefits under IPSAS Obligating event approach The five points at which an obligating event may give rise to amounts being recognized in the financial statements (e.g. child benefits): Source: IPSASB Consultation Paper, Recognition and Measurement of Social Benefits, July 2015, p. 36 Page November 2016 Issues Paper on Social benefits
16 Recognition and measurement of social benefits ESA 2010 The time of recording of social benefits under ESA 2010 depends on whether the benefits are provided in cash or in kind: Social benefits in cash are recorded when the claims on the benefits are established; Social benefits in kind are recorded at the time the services are provided, or at the time the changes of ownership of goods provided directly to households by non-market producers take place. Page November 2016 Issues Paper on Social benefits
17 Recognition and measurement of social benefits Identified approaches in practice (country analysis) FR SWE NZ Recognition When the claim is enforceable When the claim is enforceable (except for health care benefits and financial support that is provided as social assistance) Welfare/superannuation benefits are recognised in the period when an application for a benefit has been received and the eligibility criteria are met Accident Compensation Corporation liabilities: IFRS 4 applies (insurance approach) Measurement Cost of fulfilment Cost of fulfilment Welfare/superannuation benefits: the amount of the entitlement Accident Compensation Corporation liabilities: estimate of the present value of expected future payments on claims occurring on or before the balance date, plus a risk margin. Page November 2016 Issues Paper on Social benefits
18 Introduction Methodology Findings Discussion matters Page November 2016Issues Paper on Social benefits
19 Discussion matters Scope of accounting for social benefits The IPSASB envisages classifying social benefits in accordance with national accounting Within the scope of the IPSASB s project Social security (in line with ESA 2010) Social assistance (in line with ESA 2010) Outside the scope Benefits provided to entities rather than individuals or households Provision of collective goods and services Private arrangements Ad-hoc transfers Social transfers in kind that do not address social risks Universal services such as healthcare Discussion matter: What are Member States views on the IPSASB s envisaged scope of accounting for social benefits? Page November 2016 Issues Paper on Social benefits
20 Discussion matters Recognition of social benefits obligations (1) Approaches for the accounting of social benefits Obligating event approach Social contract approach Insurance approach Discussion matter: What is Member States view on the approaches for the accounting of social benefits? Page November 2016 Issues Paper on Social benefits
21 Discussion matters Recognition of social benefits obligations (2) Source: IPSASB Consultation Paper, Recognition and Measurement of Social Benefits, July 2015, p. 36 IPSASB has tentatively decided that a future ED should recognize that the obligating event will be dependent on the nature of the social benefit or the legal framework under which the benefit arises. The eligibility criteria to receive the next benefit have been satisfied obligating event has received most support by respondents to the CP. Discussion matter: What is Member States view regarding the point in time when an obligating event arise and a liability should be recognized? Page November 2016 Issues Paper on Social benefits
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