May 20, 2012

IAA and IASB Sign Memorandum of Understanding

version française

The International Actuarial Association (IAA) and the International Accounting Standards Board (IASB), an Institutional Member of the IAA, have executed a formal Memorandum of Understanding (MoU). The MoU was signed by the IASB Vice-Chairman on March 2 and by the IAA President on May 7.

The IASB was established in 2001 and is the standard-setting body of the International Financial Reporting Standards (IFRS) Foundation, which is an independent, private sector, not-for-profit organization.

The purpose of this MoU is to set out the terms of an agreement between IAA and IASB that creates the framework for cooperation between the parties in order to benefit from common areas of activity in their respective strategies and operations. Pensions, insurance contracts, financial instruments and health care have been identified as areas of common interest. Key elements of the joint programme of cooperation include the creation of structures appropriate to joint activities based on:

  • A mutual awareness of the nature of each organization’s activities in the topics of common interest above, which will be achieved principally through attending committee or board meetings, as appropriate, and through meetings between the organizations at the technical staff level.
  • Developing appropriate output or publications which may be produced either jointly or with an agreed form of support by one organization for the work of the other.

This MoU represents a continuation of outreach activities arising from the key objectives of the IAA Strategic Plan that include establishing, maintaining and extending cooperative relationships with major supranational organizations, with a particular emphasis on those areas where actuarial input is a significant factor influencing decisions on important social and economic issues with a global impact. This memorandum of understanding formalizes the mutual cooperation between the IAA and IASB in a way that transcends the tenure of particular individuals involved in the relationship from time to time, and will ensure a continuation of the relationship independent of the tenure of key individuals.

To learn more about the work of the IAA in this area, contact the IAA Secretariat, care of the Chairperson of the Supranational Relations Subcommittee.

The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
International Actuarial Association | Association Actuarielle Internationale
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