13 August 2021 
Karen Newcombe, Financial Operations Manager
As preparers of Annual Financial Statements compile their information to produce the 2020/21 edition, organisations with staff in USS need to derive the journal entries from the USS deficit calculation modeller, which can be downloaded from the USS website.
The modeller has been developed by USS with the support of the British Universities Finance Directors Group (BUFDG), to provide a tool for institutions to estimate – for accounting purposes – their liability under the latest agreed USS deficit recovery plan - for 2020/21 this is based on the 2018 valuation. USS also issues a model narrative disclosure for each institution’s financial statements ‘notes to the financial statements’. This session will also discuss where you may need to include a Post Balance Sheet Event Note (depending on when the 2020 valuation is agreed and the date an institution's accounts are signed off.)
The modeller requires the input of figures that are specific to the institution, obtained from other university departments (e.g. planning and HR) as well as figures from the previous year's financial statements. This session will be led by Chris Swift, Head of Group Accounting and Steve Wilkes, Deputy Finance Director at the University of Warwick and a member of the BUFDG Financial Reporting Group. They will walk you through input of the variables and explain how to use the outputs.
