The Board for Actuarial Standards (BAS) has moved to "demystify" the area.
According to Jim Sutcliffe, chairman of the organisation, the BAS's first principles-based actuarial standard will "open the perceived black box" which many think surrounds work in the field.
He said: "It will help to ensure that users of actuarial information can place a high degree of reliance on its relevance, transparency of assumptions, completeness and comprehensibility."
Better actuarial reporting will also help boost risk management in a range of areas, including insurance and pensions, he stated.
The new standard, called TAS R: Reporting Actuarial Information, was published today (24th September) and will come into force from April 2010.
As well as the new standard, the BAS has also updated its Scope and Authority of Technical Standards document.
This will bring a wide range of actuarial work within the scope of TAS R: Reporting Actuarial Information.
Recently, the BAS issued a new consultation paper containing proposals for a new technical actuarial standard on insurance.
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