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The Actuary The magazine of the Institute & Faculty of Actuaries

Reporting standard published

The Board for Actuarial Standards (BAS) issued a generic Technical Actuarial Standard on Reporting Actuarial Information (TAS R) on 24 September. On the same date, the BAS also issued amendments to its Scope & Authority of Technical Standards, which have the effect of bringing a wide range of actuarial work within the scope of the new standard. Both documents are available at http://bit.ly/40sJFo

TAS R will apply to all aggregate reports within scope completed on or after 1 April 2010 and it is important that all actuaries are familiar with the terms in advance of that date. Under the requirements of the disciplinary scheme, members must have regard to the requirements of all applicable standards published by the BAS, including TASs and BAS-adopted guidance notes, in addition to any standards published by the Profession.

TAS R is the first of a number of TASs which will be published in the coming months. Generic TASs on Data (TAS D) and Modelling (TAS M) are expected to be published later this year and specific TASs for certain areas of work, including pensions and insurance, will be published next year. When these and subsequent TASs are published, a message will be included in the monthly general e-newsletter to members and, where relevant, in the regular practice area newsletters. To ensure you receive the newsletters which are of interest to you, please log on to the website and amend your personal profile or e-mail member_support@actuaries.org.uk

The Profession is considering ways of ensuring that members are aware of and understand the TASs and how they should be interpreted in practice. More details will be available in the coming weeks.