Description: At the November meeting of the IASB’s SAC, I raised strong support for the concept of a priority project to accelerate the development of a new conceptual framework for the IASB with emphasis on the role of reliability, the definition of liability, the meaning of probable, the effects of contingencies i.e. contingent probabilities, the unit of account and accounting for contractual rights and obligations. Editor’s note: This is an excerpt from a longer address to the International Accounting Standards Board on guiding principles.

Description: This article explains the 2009 changes to the Global Credit Default Swap contract and North American conventions. It is reprinted with permission from The Markit Magazine.

Description: This article presents some thoughts on the role of the investment actuary in the United Kingdom. It is a topical subject, prompted by a feeling that the U.K. profession is not fulfilling its potential in this specialty. The article has three main themes: a Some historical perspective b What the professional actuary uniquely has to offer the investment marketplace and c What the consulting actuaries in the U.K. currently offer their clients.

Description: Article, Swaps and the Swaps Yield Curve by Joseph G. Haubrich, reprinted with permission. From Risks and Rewards, February 2004, Issue No. 44. This article was originally published in Economic Commentary in December 2001. Reprinted with permission.

Description: Municipal Reinvestment Contracts by Victor Modugno from Risks and Rewards Newsletter, September 2000, Issue No. 35.

Description: In this article the author notes that investment strategy development is fundamentally a communications exercise between the investment and actuarial functions. The article explores four questions with respect to investment strategy: 1 how to make money 2 how to avoid earnings fluctuations 3 how to avoid catastrophic loss and 4 how to choose a new investment idea.

Description: This 2001 article warns against the risks of investing in an IPO, particularly in light of recent history.

Description: Hedge funds have grown tremendously over the last few years and will continue to grow, with invested assets currently being estimated at well over $1 trillion worldwide. The author concludes “I do strongly believe that the contradictory philosophies of traditional investment management versus hedge funds have to be carefully considered, reflected upon and evaluated ...”

Description: This 2004 article discusses current issues and developments relating to the valuation of and accounting for employee stock options.

Description: Describes terms of the 2017-2018 contest for the best submissions to R&R.