As part of its project to develop new actuarial standards, the Board for Actuarial Standards (BAS) has today published a consultation paper on the structure of its new book of standards and an exposure draft of a standard on reporting.
These consultations follow the publication last month of an exposure draft of the underlying conceptual framework for actuarial standards.
The consultation paper on a new structure for actuarial standards sets out proposals for generic and specific standards that will be developed by the BAS, presents a timetable for their implementation, and discusses how the professional guidance adopted by the BAS at its inception will be treated during the implementation period.
Paul Seymour, Chairman of the BAS, commented:
“The proposals in this paper will shape the future of actuarial standards for years to come. The BAS is committed to developing a book of principles-based standards cast in terms that users of actuarial information as well as actuaries can understand and find readily accessible.”
The proposed reporting standard, on which the BAS is publishing an Exposure Draft, is the first to be developed by the BAS, and follows the publication last November of a consultation paper on a new conceptual framework for actuarial standards. The consultation on that paper closed in January 2008. In line with the responses to the consultation, the proposed reporting standard is principles-based and will be a generic standard, applying across many areas of actuarial work.
The consultation period for both the Consultation Paper and the Exposure Draft ends on 18 July 2008. Copies of the consultation paper and exposure draft can be downloaded from the BAS’s website at http://www.frc.org.uk/bas/publications/consultation.cfm.
