03 August 2016 
Matt Sisson, Projects and Membership Manager
The BUFDG Financial Reporting Group has updated the Model Financial Statements in two areas.
Firstly, Note 7 (staff note) – the section on key management personnel compensation includes a note which states, “Note that compensation consists of salary and benefits excluding any employer's pension contribution.” The disclosure should include employer’s pension contributions and has been amended to reflect this.
Secondly, Note 21 (current investments) – this implies that short term deposits with a term of more than 3 months at the balance sheet date are current investments. This is incorrect and the wording has been amended to state “less than 3 months”.
In addition, the FRG has also provided an update to the USS Modeller. The group discussed Fiona’s MacCarthy’s 20 July request for an update to the modeller at the meeting on Friday 29 July. They have added some guidance on an additional tab on how to use the existing modeller at 31 July 2016. The updated modeller can be downloaded here.
