Actuarial valuation consultancy IPSAS

SUMMARY OF SCOPE OF WORK: EOI 114166

Actuarial Valuation for Employee Benefits

Background

The ICC is in the process of transition from accounting and financial reporting under United Nations System Accounting Standards (UNSAS) to International Public Sector Accounting Standards (IPSAS).

In order to establish IPSAS compliant opening balances as at 1 January 2013, the actuarial valuation of long-term employee benefits, in line with requirements of IPSAS 25 “Employee benefits”, as at 1 January 2013 is required.

Staff posts are classified according to the nature of their duties and responsibilities and staff is entitled to salary and related allowances according to Staff Rules of the ICC which are in conformity with the United Nations common system of salaries, allowances and benefits (UNCSS). ICC is a member of the United Nations Joint Staff Pension Fund (UNJSPF), effective 1 January 2004.

Scope of work

The ICC requires an actuarial valuation of employee benefit liabilities for the year ending 31 December 2012.  Follow –up valuation is required for the year-ending 31 December 2013 and 31 December 2014.

The expected deliverables include:

• Detailed reports providing the liabilities and the rationale for all the assumptions made. The report should enable ICC to meet all presentation and disclosure requirements of IPSAS 25.

• Providing answers to questions raised by external auditors or other stakeholders on the methodology and assumptions used in the evaluation.

The report should be provided in English not later than 28^th February following the end of the financial period.

Objective

The purpose of the work is to provide necessary data on measurement, presentation and disclosure of employee benefits for the inclusion in the financial statements of ICC prepared in compliance with IPSAS, for the financial periods ending on 31 December 2013 and 31 December 2014.