The IFoA has today published a new standard APS X4 which will come into force on 27 February 2020.
APS X4 applies to members carrying out actuarial work in the financial analysis of Social Security Programmes outside of the UK Geographic Scope. In effect, the standard requires members to apply the terms of International Standard of Actuarial Practice 2 (ISAP 2) from the International Association of Actuaries.
The introduction of the standard was publicly consulted upon earlier this year, and the Working Party was grateful to those that took the time to respond. The feedback paper to the consultation is available to download from the consultation page.
Members carrying out such work within the UK Geographic Scope must apply the Financial Reporting Council’s Actuarial Statement of Recommended Practice (ASORP 1), which is available on the FRC website.