IAA Council Meeting in Los Angeles features IFAC presentation

The International Actuarial Association (IAA) held its semi-annual Council and Committee meetings in Los Angeles from May 22-26, following on the Life and Annuity Symposium of the Society of Actuaries, one of its Full Member Associations in the United States.

The Council meeting held on May 26 featured guest speaker, Mr. Ian Ball, Chief Executive Officer of the International Federation of Accountants (IFAC). He presented on the work of IFAC with a focus on high standards for financial reporting and collaboration with the IAA on topics of mutual interest and importance.

In his address, Mr. Ball commended the IAA for its ongoing commitment to the development of model international standards. He remarked on the IAA’s increasing activity in this area and recognition by the IAA that convergence is of utmost importance today in the context of the sovereign debt and global financial crises.

He also noted the valuable input by the IAA into the Private Sector Task Force (PSTF), established in May 2011 at the request of the then Presidency of the G-20, with the aim to provide an analysis of, and recommendations relating to, regulatory convergence. In addition to the IAA and IFAC, the PSTF is comprised of representatives from seven other international private sector organizations of professions and industries that are subject to regulation and operate within the financial sector.

To learn more about the work of the IAA, contact the IAA Secretariat.