The International Actuarial Association (IAA) has released seven International Actuarial Standards of Practice (IASPs), plus a Glossary of terms used in these IASPs. They can be found in the Standards section of the IAA Library at www.actuaries.org. These standards are in respect of actuarial professional services related to the application of the International Financial Reporting Standards (IFRSs) of the International Accounting Standards Board (IASB) as they apply to insurance companies. They are:
IASP 2 Actuarial Practice
IASP 3 Classification of Contracts
IASP 4 Measurement
IASP 5 Current Estimates
IASP 6 Liability Adequacy Testing
IASP 7 Discretionary Participation Features
IASP 8 Changes in Accounting Policies
(unnumbered) Glossary for IASPs under International Financial Reporting Standards
Note that IASP 1 was released earlier as “IAA Guidelines of Actuarial Practice for Social Security Programs.”
These IASPs have been issued as class 4 IASPs, practice guidelines. It is important to recognize the definition of practice guidelines: “Practice Guidelines are educational and non-binding in nature. They represent a statement of appropriate practices, although not necessarily defining uniquely practices that would be adopted by all actuaries. They are intended to familiarise the actuary with approaches that might appropriately be taken in the area in question. They also serve to demonstrate to clients and other stakeholders and to non-actuaries who carry out similar work how the actuarial profession expects to approach the subject matter.” They are not intended to serve as interpretations of IFRSs, as only the IASB’s International Financial Reporting Interpretations Committee (IFRIC) can do so. They are, however, intended to provide education information to actuaries and other practitioners. IAA Member Associations can endorse them or adapt them to local conditions.
They have been adopted by the IAA Council in accordance with paragraph 6.4 of the IAA Due Process for International Actuarial Standards of Practice, having been exposed for comments for a four month period at the end of last and beginning of this year. After two full year ends have passed, the IAA may consider raising IASP 2 (Actuarial Practice) to a class 3 (recommended practice) status. Any such consideration will not take place until 2007 and will be undertaken in accordance with the IAA Due Process. It is not contemplated at this time that any of the other IASPs will be raised from class 4 status.
The IAA decided to issue the Glossary because some of the “terms of art” used by accountants can have somewhat different meanings than the same words when commonly used by actuaries. Therefore, the IAA feels that it is important that actuaries be aware of the precise definitions given to these terms of art and their origin and definitions of certain additional useful terms. The convention used in IASPs 2 – 8 has been to put each defined term in small capital letters the first time it is used in each IASP. In addition, the final Appendix of each IASP contains a list of all defined terms used in the IASP that are found in the Glossary.
International Actuarial Association / Association Actuarielle Internationale
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Tel: +1-613-236-0886 Fax: +1-613-236-1386
Email/Courriel : Secretariat
Website/Site web : www.actuaries.org
Publikováno: 29. 8. 2005