As part of its project to develop new actuarial standards, the Board for Actuarial Standards (BAS) has today published exposure drafts of standards on data and modelling.

The exposure drafts follow the recent exposure draft of a standard on reporting actuarial information. The proposed standards are expected to come into force by April 2010, with earlier adoption strongly encouraged. They will be principles-based and will be generic standards, applying across many areas of actuarial work.

Paul Seymour, Chairman of the BAS, commented:

“The proposed standards will complete our set of generic standards, providing a solid baseline for high quality actuarial work across a broad range of fields.”

The consultation periods for the exposure drafts end on 28 August 2009. Copies can be downloaded from the BAS’s website at http://www.frc.org.uk/bas/publications.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
3. All media enquiries should be addressed to Louise Pryor, Director of the Board for Actuarial Standards, 020 7492 2328 or email at l.pryor@frc.org.uk.