IAA Adopts Strategic Action Plan for International Standards of Actuarial Practice and Guidelines for Developing the Strategic Action Plan
The International Actuarial Association has adopted a Strategic Action Plan for International Standards of Actuarial Practice (ISAP) and the Executive Committee Guidelines for Developing the Strategic Action Plan.
The Executive Committee (EC) is responsible for preparing strategy proposals and material for consideration by the Council and for monitoring the implementation of the Strategic Plan. The Due Process for ISAPs also requires the EC to develop and maintain, on a rolling basis, a Strategic Action Plan for ISAPs, for the approval of Council.
The topics for ISAPs currently approved by Council include:
- Financial Analysis of Social Security Programs (Approval of ISAP expected in October 2013);
- IAS 19 – Employee Benefits (Approval of ISAP expected in early 2015);
- IFRS4 – Insurance Contracts (Approval of ISAP projected for late 2017).
The Actuarial Standards Committee recommended in 2012 that a potential ISAP on Enterprise Risk Management proceed initially as an International Actuarial Note.
When developing the Strategic Action Plan for ISAPs, consideration will be given to topics which are in a recognized or emerging area of actuarial practice and that serve the public interest. To generate topics from a wide range of practice areas, the EC encourages supranational organizations, inter alia, to propose topics for new ISAPs.
This activity supports the IAA’s strategic objective to promote the development and issuance of model actuarial standards in the jurisdictions of all Full Member Associations, and the global convergence of model actuarial standards. To learn more about the proposed ISAPs, or to submit questions, please contact the Director of Technical Activities at the IAA Secretariat.