In 2015, the International Actuarial Association (IAA) released the International Standard of Actuarial Practice 3 (ISAP3) to provide guidance to actuaries when performing actuarial services in connection with International Accounting Standard 19 (IAS 19) Employee Benefits.

The financial reporting of private companies’ retirement plan under PAS 19(full PFRS) shall undergo a major overhaul, effective annual periods starting 1-Jan-2013.

A quick valuation is offered as a value added free service to our prospects and clients. We believe that companies will benefit from a ball park illustrative estimate of actuarial values.

The discount rate is arguably the most critical and controversial assumption in actuarial valuations. Consequently, the reference basis and methodology for arriving at the assumption has been thoroughly discussed in various actuarial and financial circles.

Discussion addresses the importance of Turnover rates in actuarial valuation of post-employment benefits.