


NEWS RELEASE |
Dec 11, 2019 |
The International Actuarial Association (IAA) is pleased to announce the publication of the International Standard of Actuarial Practice 4 (ISAP 4) on IFRS 17 Insurance Contracts.
This model standard was adopted by the IAA Council at its meeting held in Tokyo, Japan on 21 November 2019. It provides guidance to actuaries when performing actuarial services in connection with the International Financial Reporting Standard 17 Insurance Contracts (IFRS 17) issued in May 2017. IFRS 17 is expected to be effective for annual reporting periods beginning on or after 1 January 2022.
The IAA intends ISAP 4 to:
****************************************************
ISAPs are model standards intended for adoption by actuarial standard-setting bodies as appropriate, and as such, are not binding on any actuary. The IAA encourages actuarial standard-setting bodies to study these ISAPs and to consider taking one of the following courses of action in their jurisdiction:
This new ISAP directly supports the IAA’s strategic objective to promote the development and issuance of standards of actuarial practice in the jurisdictions of all IAA Member Associations.
The model standard along with the updated glossary of defined terms are available on the IAA website under publications/ISAPs. The Director of Technical Activities at the IAA Secretariat is available to answer any questions about the ISAPs and provide additional information on request.