Award

Accounting for pension costs - IAS 19 disclosures

UK SHARED BUSINESS SERVICES LIMITED

This public procurement record has 2 releases in its history.

Award

17 Apr 2018 at 13:05

Award Notice
Tender

26 Mar 2018 at 14:05

Tender Notice
Summary of the contracting process

The UK Shared Business Services Limited is conducting a tender for the contract titled "Accounting for pension costs - IAS 19 disclosures." This opportunity falls within the Insurance and pension services industry category and is located in London, United Kingdom. The procurement method used is an Invitation to Quote (ITQ) and the tendering period closes on 5 April 2018 at 14:00 hours. The contract period begins on 17 April 2018 and ends on 25 May 2018, with a total estimated value of £20,000.

This tender presents a valuable opportunity for businesses specialising in actuarial services and financial consultancy, particularly those experienced in preparing financial statements in line with International Financial Reporting Standards (IFRS). Small and medium enterprises (SMEs) may particularly benefit from this contract, given the focus on collaborative engagement with professional service firms. Engaging with this procurement process could lead to enhanced visibility and potential growth for qualified service providers in the public sector.

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Notice Information

Notice Title

Accounting for pension costs - IAS 19 disclosures

Notice Description

CLOSING TIME FOR BIDS IS 05/04/2018 14:00 HOURS. DO NOT APPLY DIRECTLY TO THE BUYER. To express your interest in this opportunity email ExpressionOfInterest@crowncommercial.gov.uk. In accordance with International Financial Reporting Standards (IFRS) as adapted and interpreted by the HM Treasury Financial Reporting Manual (FReM) , BEIS prepares consolidated annual financial statements. During this process, BEIS collects financial and non-financial information that is subject to judgements, estimates and assumptions, which in some cases, are based upon professional's valuation and/or assessment. Defined benefit pension schemes are such an area as they require an actuarial valuation to prepare pension accounting disclosures in accordance with IFRS standard IAS 19 Employee Benefits. *Objectives: Accounting for pension costs - IAS 19 disclosures for: *17/18 IAS 19 disclosures, including movements in the Statement of Comprehensive Net Expenditure, year-end position in the Statement of Financial Position and other disclosures required under the standard *16/17 IAS 19 disclosures as above (as comparatives in the 2017-18 accounts) *1 April 16 Statement of Financial Position value (as the opening for assets and liabilities for 2017-18 accounts) Scope: In preparing the disclosures, the steps below will be expected to be carried out by the actuary: *Provide terms of reference document which describes the scope of work to be performed by the firm *Collection of the data necessary for the calculations from the scheme administrator and fund managers *Advice on the assumptions appropriate to the DSRL section's circumstances and market conditions at the 31 Mar 2018 and earlier years, including brief discussions with BEIS and its auditors. *Provision of the financial disclosures required for the BEIS departmental accounts under IAS 19 for the years ended 31 March 17. *Calculation of the Statement of Comprehensive Income and Expense charge for the FY17/18 and FY16/17, and the Statement of Financial Position pension balances as at 31 Mar 2018, 31 Mar 2017 and 1 April 2016 under IAS 19. *Provision of the financial disclosures required for the BEIS departmental accounts *Preparation of a formal report, including the disclosures and supporting descriptions for BEIS and its auditors, liaising with the auditors to answer their queries and helping understand the figures. *The IAS 19 report needs to be competed and delivered to the department for its accounts as at 31 March 2018 by 18th May 2018. Terms and Conditions Bidders are to note that any requested modifications to the Contracting Authority Terms and Conditions on the grounds of statutory and legal matters only, shall be raised as a formal clarification during the permitted clarification period. Additional information: As part of the strategic alliance between UK Shared Business Services Ltd (UK SBS) and Crown Commercial Service (CCS), UK SBS can use the CCS eSourcing Suite for future procurements. If you have not yet registered on the eSourcing Suite, this can be done online at https://gpsesourcing.cabinetoffice.gov.uk by following the link 'Register for CCS eSourcing'. Please note that, to register, you must have a valid DUNS number (as provided by Dun and Bradstreet) for the organisation which you are registering, who will be entering into a contract if invited to do so. Once you have registered on the eSourcing Suite, a registered user can express an interest for a specific procurement. This is done by emailing expressionofinterest@crowncommercial.gov.uk. Your email must clearly state: the name and reference for the procurement you wish to register for; the name of the registered Bidder; and the name and contact details for the registered individual sending the email. Crown Commercial Service will process the email and then enable the Bidder to access the procurement online via the e-Sourcing Suite. The registered user will receive a notification email to alert them once this has been done. The Sourcing documents can then be accessed on the eSourcing Suite at: https://gpsesourcing.cabinetoffice.gov.uk using the instructions detailed in the specification documents within Contracts Finder. As a user of the e-Sourcing Suite you will have access to Emptoris email messaging service which facilitates all messages sent to you and from you in relation to any specific RFX event. Please note it is your responsibility to access these emails on a regular basis to ensure you have sight of all relevant information. For technical assistance on use of the e-Sourcing Suite please contact Crown Commercial Service Helpdesk : Telephone: 0345 010 3503 Training documents to support Bidders utilise Emptoris CCS eSourcing are available in the Contracts Finder Tender documents section.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-07c9aa92-eaea-4578-a77f-a3ba47e36695
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/054ff48f-e876-40af-bfbb-51f3100abc11
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other - ITQ
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66500000 - Insurance and pension services

Notice Value(s)

Tender Value
£20,000 Under £100K
Lots Value
Not specified
Awards Value
£10,365 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
17 Apr 20187 years ago
Submission Deadline
5 Apr 2018Expired
Future Notice Date
Not specified
Award Date
10 Apr 20187 years ago
Contract Period
11 Apr 2018 - 25 May 2018 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
UK SHARED BUSINESS SERVICES LIMITED
Contact Name
Not specified
Contact Email
professionalservices@uksbs.co.uk
Contact Phone
Not specified

Buyer Location

Locality
SWINDON
Postcode
SN2 1FF
Post Town
Swindon
Country
England
Major Region (ITL 1)
TLK South West (England)
Basic Region (ITL 2)
TLK7 Gloucestershire and Wiltshire
Small Region (ITL 3)
TLK71 Swindon
Delivery Location
TLI London
Local Authority
Swindon
Electoral Ward
Rodbourne Cheney
Westminster Constituency
Swindon North

Supplier Information

Number of Suppliers
1
Supplier Name

BARNETT WADDINGHAM

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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