Today's FRC announcement on new accounting regulations for listed companies opens up opportunities for actuaries
 
　　David Hare, President of the Institute and Faculty of Actuaries (IFoA) comments on the paper published today by the FRC on changes to the way in which listed companies are expected to conduct financial reporting:
　　“If you are responsible for the accounts, running or ownership of a listed company, then today’s announcement by the Financial Reporting Council (FRC) will affect you. The new rules will require companies to undertake robust risk assessments, often backed up by scenario modelling, and for auditors to be able to investigate and challenge the work done to evidence these. With an October 2014 application date, the timeline to implement these activities is challenging to say the least and access to established expertise in the modelling of financial uncertainty and risk will be vital. Few professionals have the technical knowledge and judgement required to undertake the modelling that these new rules demand.  We believe that actuaries will play a key role in helping companies and auditors to implement these new requirements.”
 
　　~ENDS~
　　For further comment, or to answer any questions that you may have please contact Nick O’Hara at the IFoA on +44 (0) 20 7632 1458/ Nick.Ohara@actuaries.org.uk or Paul Reynolds on +44 (0) 20 7632 1468/ paul.reynolds@actuaries.org.uk
　　About the Institute and Faculty of Actuaries
　　1.    Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues
　　2.    Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
　　3.    Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
　　4.    The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.
 
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