The International Accounting Standards Board (IASB) has promulgated International Financial Reporting Standards (IFRS) that have been adopted by a number of countries around the world. The International Actuarial Association (IAA) has developed standards of practice and other guidance for actuaries providing professional services related to financial reporting in accordance with IFRS.
This educational note is an update to the 2005 educational note entitled Applicability of Rules, Standards, and Other Guidance to CIA Members. It is intended to assist CIA members in understanding the professional standards of conduct, practice and qualification that apply when preparing work in Canada and in jurisdictions outside Canada. Specifically, it describes the CIA framework that determines the applicability of rules/codes of professional conduct, standards of practice and other guidance to the CIA member’s work, and outlines the special considerations relevant to IAA guidance and the US Qualification Standards.