Description: This 1978 panel discussion was on new actuarial standards for in Canada. Topics covered included: 1. The flexibility afforded the Canadian Valuation Actuary under the new Insurance Acts. 2. A comparison to the current GAAP and statutory reporting requirements in the U.S. and to the reporting requirements in the United Kingdom.

Description: In Canada, the actuarial considerations involved in developing financial reporting and disclosure principles have for some years been under active study by the Canadian Institute of Actuaries CIA and others, with a goal of moving toward one system of financial reporting for all users. The author discusses current proposals starting with a 1974 report released by the CIA, and the work of an Advisory Committee with members from the actuarial and accounting professions, industry, and Provincial Insurance Departments, appointed by the Federal Superintendent of Insurance, which completed its work in the form of a written report.