Key Benefits:
Minister of Social Affairs and Health and Minister Delegate to the Minister of Economy and Finance, Budget Officer,
Vu le Social Security Codeincluding article L. 114-5;
Vu le Decree No. 70-1277 of 23 December 1970 amended to establish a supplementary social insurance pension scheme for non-State officials and public authorities, including Article 2;
Considering the decision of 24 February 2010 taken under the Decree No. 2001-859 of 19 September 2001 amended to implement the single accounting plan for social security organizations;
Having regard to the advice of the Board of Directors of the Institute for Supplementary Retirement of Non-Governmental Officers and Public Communities dated March 21, 2013;
Considering the opinion of the Supervisory Board of the Caisse des dépôts et consignations dated 20 March 2013;
Based on the opinion of the Public Accounts Standardization Board dated 11 February 2013,
Stop:
The Institute for Supplementary Retirement of Non-State and Public Communities (IRCANTEC) applies the single accounting plan of social security organizations mentioned by theArticle L. 114-5 of the Social Security Codesubject to the modifications annexed to this Order.
The provisions of this Order shall apply effective fiscal year 2012. This change in accounting regulations is a change in the accounting method for the year of application.
The Minister of Social Affairs and Health and the Minister Delegate to the Minister of Economy and Finance, responsible for the budget, are responsible for the execution of this Order, which will be published in the Official Journal of the French Republic.
A N N E X E S
A N N E X E I
COMPTABLE PROVISIONS FOR IRCANTEC
1. Presentation of financial statements by area of activity
1.1. Presentation of the balance sheet
Assets and liabilities are traced to the balance sheet based on the area of activity, pension operations or social action, according to the columns attached in annex II.
To this end, transactions are recorded in sub-accounts by domain whose codification makes it possible to distinguish the area of activity under which they belong. The liaison accounts related to financial transactions between pension and social activities being an integral part of the total assets and liabilities of each area of activity, these reciprocal transactions are included in each column of the balance sheet presenting these transactions.
In addition, in line with the changes in the accounting nomenclature provided by the PCUOSS (see point 4 infra), some wording in the balance sheet positions, in particular in respect of investments held in the context of the long-term management of the reserves of the plan and the circulating assets and liabilities, is subject to change in relation to the presentation provided by the PCUOSS.
1.2. Presentation of the result account
The loads and outputs are traced to the result account according to the activity area concerned, according to the columns presented in Appendix II. In the same way as for the balance sheet, the loads and products presented in the columns relating to each of the activities include flows for reciprocal transactions, and these are neutralized in the result account of the IRCANTEC entity.
The result account is listed by distinguishing the following items:
The operating result, consisting of the technical result and the current result:
― the technical result (products and technical expenses) primarily retraces the annual contributions and allocations of pension operations, excluding social action and the results of the investment activity;
― the current result (current products and management charges) consists, on the one hand, of the administrative expenses of the two areas of activity (management fees charged by the CDC) and, on the other, of the flows for social action.
The financial result, consisting, on the one hand, of the result of the management of the investments of reserves and cash in the area of "retirement operations" and, on the other hand, of the loan operations of the field of activity of the social action;
Taxes on taxable revenues of the plan;
The result of the exercise.
2. Information annexed to the financial statements
In addition to the information provided by the PCUOSS, the schedule to the financial statements includes a reminder of the operating mode and the main parameters of the management of the plan (distribution principle, solvency criteria) and includes information on the following:
The rules and methods for pension operations (assets, retroactive contributions, pension benefits, contribution transfers) and investments (assessment rules), as well as the definition of areas of activity;
Retirement operations. In particular, the accounts of fiscal year N specify the decomposition of the contributions of fiscal year N – 1, which is known only the following year, by instalment and according to their contributory origin (employee, employee);
Investments:
- Statement of the retail portfolio, for each investment category, the gross value, potential impairments, net value and market value of securities, latent surplus and less-values and a description of the modalities for the implementation of the securities assessment rules (with comparative information for the previous year); this state is accompanied by elements of explanation which, in particular, allows to understand the origin of the evolutions it retraces;
― the Significant and Extended Reduction Analysis Rule must be described as well as its terms and conditions of application: criteria used to assess market volatility and decrease threshold (20% or 30%) used to perform the analysis of the decrease at the close of accounts;
- the financial result: statement of detailed financial results by nature (with comparative data for the previous year), consistent with the portfolio information, indicating investment income, net proceeds and expenses on assignments, depreciation movements, and potential other financial products and expenses; This state is accompanied by elements of explanation that allow, in particular, to understand the origin of the evolutions it retraces.
The result account and balance sheet for each of the activity areas for fiscal year N and fiscal year N ― 1.
3. Investment accounting and evaluation
3.1. Cash equivalent investments
Investments consisting of cash equivalents held for the day-to-day management of pension transactions are recorded in an account 50 entitled "liquid investment securities" (see annex III).
The rules for the evaluation and depreciation of these investment securities are those provided by the GCP (art. 332-9). These assets are recorded at their acquisition cost and the latent surplus-values recorded after the date of entry of the same assets are not recorded. Only latent impairments affect the outcome of the exercise in the form of depreciation.
3.2. Investments in management
reservations to the regime
Investments, other than cash equivalents, held as part of the plan's reserve management, are presented in a Class 3 accounting section entitled "investment activity" under the immobilized asset, replacing the Stocks and stock of the PCUOSS, the subdivisions of which are shown in Annex III.
In order to take into account the purpose and duration of detention of investments held in the long-term management of the plan's reserve, specific assessment rules are applied to these investments.
These rules differ depending on the nature of the investment securities considered.
3.2.1. Depreciable titles
Amortizing securities are not subject to depreciation unless it appears that the debtor will not be able to meet its commitments, either for the payment of interest or for the reimbursement of the principal. Securities to be disposed of in the short term must also, if any, be subject to depreciation to the latent impairment noted at the closing date.
3.2.2. Actions and other securities
Three situations must be distinguished:
1. If there are objective indices (referred to as a counterparty risk) to provide that all or part of the book value of a security cannot be recovered, it must be depreciated to a maximum of its recoverable value.
2. Securities to be disposed of in the short term must also, if any, be subject to depreciation to the latent impairment noted at the closing date.
3. In other cases, securities are not subject to depreciation unless it appears that latent less-value results from a significant and prolonged decrease in value.
To determine whether the latent impairment found at the closing date is significant and prolonged, an individual, line-to-line examination of all titles, including those that have already been depreciated in previous years should be conducted.
For this purpose, the average course of the last six months prior to the closing shall be calculated. If the difference between the acquisition cost and this average course presents a significant latent less-value situation, a depreciation is found in the following terms and conditions. Otherwise, depreciations in previous years must be fully recovered.
The significant less-value criterion can be defined on the basis of the volatility observed, which is 20% of the acquisition cost when markets are volatile, with this criterion being increased to 30% when markets are volatile. When the decline on an investment is significant and prolonged, the depreciation is calculated by the difference between its acquisition cost and the closing price for listed securities or the likely closing value for non-listed securities. When the securities have already been depreciated in prior years, an adjustment of the depreciation must be made, if any, to the course of the closing for listed securities or to the likely value of the closing for non-listed securities.
The application of these rules presupposes that investment securities are not given in short exchange. The institution's intentions to hold titles must be documented. This documentation is revised to a minimum at each accounting date and identifies all elements that allow, where appropriate, to assess and analyze endogenous or exogenous factors that have led to the questioning of initial assumptions and intentions.
3.3. Asset transfer results
The results of the disposal of investments are recorded in the accounts 667 and 767, in accordance with the provisions of Regulation No. 99-03 on investment securities.
4. Planning of the accounting nomenclature
PCUOSS
The adjustments to the PCUOSS relate to the accounting nomenclature applicable to investments and payments of contributions and benefits under the pension plan. They are detailed in annex II.
Accounts of receivables and technical management debts are classified according to the nature of economic agents:
- allocataries, on account 401 (instead of 406 in the PCUOSS), in respect of claims and benefits receivables;
- Employers and contributors, on account 411 (instead of 414), for social contributions and contributions receivables;
- public entities, on account 44 (name unchanged), mainly for compensation for social contributions;
- social security agencies, account 45 (name unchanged), mainly for transfers of social contributions.
The counterparty of these debts and technical management receivables is recorded in technical expenses and revenues:
- in accounts 60 for allocations and other technical charges (instead of accounts 65 provided by the PCUOSS);
- in accounts 70 for contributions and other technical products (instead of accounts 75 provided by the PCUOSS). Contributions are disaggregated in their accounting by reference year.
A N N E X E I
PRESENTATION OF FINANCIAL STATES
You can consult the table in the
JOn° 147 of 27/06/2013 text number 9
You can consult the table in the
JOn° 147 of 27/06/2013 text number 9
A N N E X E I I
ADAPTATIONS OF NOMENCLATURE OF PCUOSS
List of accounts created or amended
CLASS 3 RECORDS OF PLACEMENT ACTIVITY
300 Obligations, receivables and values assimilated
301 Negotiated obligations on a regulated or assimilated market
302 Convertible obligations, special refund obligations and values assimilated
303 Titles of negotiable receivables
305 Other receivables
308 Interest
310 Actions and values assimilated
311 Actions negotiated on a regulated or assimilated market
312 Assimilated values negotiated in a regulated or assimilated market
313 Untraded titles on a regulated market
319 Payments outstanding on shares and other non-freed variable income securities
320 CPO titles (group placement agency)
321 French OPCVM for general purpose
322 European coordinated UCITS
323 OPCVM reserved
325 Other CPO titles
329 Payments remaining to be made on non-released CSA securities
360 Other financial instruments
361 Future-term financial instruments
365 Other financial instruments
368 Interest accrued
390 Depreciations obligations, receivables and values assimilated
391 Depreciations of investment receivables
CLASS 4 TIERS
400 Allocataires and related accounts
401 Allocataires
408 Allocataires: connecting charges to the fiscal year
409 Allocatories receivable
410 Employees, contributors and related accounts
411 Employees, contributors
416 Employees, contributors: doubtful receivables
418 Employees, contributors: products receivable
419 Employees, contributors
CLASS 5 FINANCIAL ACCOUNTS
500 Liquidity Investment Securities
503 Actions
504 Other titles conferring ownership
506 Obligations
507 Short-term Treasury Bonds
508 Other investment securities and other similar receivables
509 Payments outstanding on investment securities of unpaid liquidity
CLASS 6 CHARGES ACCOUNT
600 Allocations and other technical expenses
601 Allocations
602 Other technical charges
608 Abductions from technical funds
618 Purchases and miscellaneous
CLASS 7 PRODUCT ACCOUNTS
700 Contributions and other technical products
701 Contributions
702 Other technical products
708 Outputs of the related activities
Done on 13 May 2013.
Minister of Social Affairs
and Health,
For the Minister and by delegation:
By preventing the director
Social Security:
The chief of duty,
Deputy Director
Social Security,
J. Bosredon
Minister Delegate
to the Minister of Economy and Finance,
Budget Officer
For the Minister and by delegation:
By preventing the Budget Director from:
The civil administrator,
G. Bailly
