THE IMPACT OF ACCOUNTING FOR PENSION FUNDS AND RETIREMENT PLANS
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- NGN 3000
Abstract: THE IMPACT OF ACCOUNTING FOR PENSION FUNDS AND RETIREMENT PLANS
This study aims to: (1) analyze the unique accounting requirements for pension funds and retirement plans; (2) assess the impact of accurate accounting on the financial stability and performance of these funds; and (3) evaluate the challenges faced by accountants in managing pension funds and retirement plans. A survey research design was employed to collect data from a broad spectrum of professionals in the industry. Using Taro Yamane's formula, a sample size of 310 accountants and financial managers from Abuja, Nigeria, was determined to be statistically sufficient. The study includes a case study of a major pension fund in Abuja to provide real-world insights and practical implications. A reliability coefficient score of 0.86 was achieved, indicating the high reliability of the survey instrument. Findings reveal that accurate accounting practices are essential for maintaining the financial health of pension funds, ensuring compliance with regulatory standards, and managing the risks associated with long-term financial obligations. The study also identifies significant challenges such as the complexity of actuarial calculations, regulatory changes, and the need for specialized knowledge in accounting for retirement plans. Recommendations include enhancing the training and certification programs for pension fund accountants, adopting advanced accounting software to handle complex calculations and compliance requirements, and fostering greater collaboration between actuaries and accountants to ensure accurate and reliable financial reporting for pension funds and retirement plans.
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