[Global Financial Insights] FRC Issues Revised Actuarial Guidance and More
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- Last Updated on 25 October, 2025
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update:
1. Financial Reporting Council issues revised technical actuarial guidance on proportionality
Financial Reporting Council (FRC) has issued revised technical actuarial guidance on proportionality to support actuaries in applying principles-based Technical Actuarial Standards (TAS). The TAS are a set of mandatory principles which ensures that the actuarial work with regard to financial reporting, insurance, pensions, and investment are reliable, transparent, and consistent. Furthermore, they enable actuaries to tailor their approach based on the nature, scale, and complexity of the work while focusing on the rationale of the standards and ensuring quality outcomes.
Considering the feedback of stakeholder, FRC on 17th October, 2025 issued this revised technical actuarial guidance on proportionality. This guidance includes additional material with new examples focused on general insurance pricing, illustrating the use of streamlined documentation and communication.
Source – Financial Reporting Council
2. Withdrawal of ASORP 1 by Financial Reporting Council following the issuance of revised technical guidance
Actuarial Standard of Practice on Reporting (ASORP) 1 provides principles and guidance for actuaries in preparing reviewing, advising or opining on financial analyses of social security programmes, a specialised area of work involving projections, modelling, and actuarial analysis to support policy development. This standard was issued to supplement the principles set out in the FRC’s Technical Actuarial Standard 100 (TAS 100).
With the issuance of revised TAS 100 as mentioned in the aforementioned update, the Financial Reporting Council (FRC) has announced withdrawal of ASORP 1 from immediate effect. Since, the provision of ASORP 1 are already stated in the revised TAS 100, FRC believes that ASORP 1 is no longer required as a standalone document. Furthermore, this withdrawal shall result in simplified regulatory framework and reduction in compliance burden for practitioners. TAS 100 will continue to apply to all work previously within the scope of ASORP 1.
Source – Financial Reporting Council
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