NIPS Annual Report and Accounts 2012-13 - Department of Justice

2012-2013
1.24 Voluntary Early Retirement Scheme
The cost of severance payments to staff leaving the
organisation under the Voluntary Early Retirement
Scheme are included within programme costs. The
cost of staff working on the administration of the
scheme are included within staff costs.
1.25 Prior year adjustments
During the financial year 2012-13 the following
changes took place:
Adjustment for IAS 19 2011-12
Valuation of Injury Awards £’000
Statement of Comprehensive
Net Expenditure 155,400
Increase in borrowing costs 263
Decrease in Provision (673)
Restated Statement of
Comprehensive Net Expenditure 154,990
Provisions
This year the injury awards were valued under IAS
19 Employee Benefits. IAS 19 requires the employer
to value the expected injury awards for active
members who are currently uninjured but who may
become injured in the future, and include the value
in the Statement of Accounts.
Statement of 2011-12 2010-11
Financial Position £’000 £’000
Assets less liabilities 182,057 192,361
Increase in provision (1,850) (1,660)
Restated assets
less liabilities 180,207 190,701
This amounts to a change in accounting policy
which has been treated as a prior year adjustment
in line with IAS 8 and prior year comparative figures
have been restated accordingly from the earliest
opportunity 1 April 2011. The prior year adjustment
is required as the change in accounting policy must
be applied retrospectively to reflect the changes
in the figures as if the new accounting policy had
always applied. These adjustments are reflected in
the main statements and in notes 5, 16 and 24 to
these financial statements.
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