On 1 April 2015, the Prudential Regulation Authority (PRA) issued updated versions of its Solvency II supplementary information forms, to take account of the recently finalised Implementing Technical Standards (Set 1).  On 10 April 2015, the PRA issued a consultation (CP16/15) setting out its position on whether provisions of UK generally accepted accounting principles (GAAP) are consistent with the Solvency II Directive.  Firms which seek to value assets and liabilities under local GAAP under the derogation in Article 9(4) of Commission Delegated Regulation (2015/35) are expected to apply the PRA's conclusions in this regard. Comments are invited by 10 July 2015.  On 22 April 2015, the PRA issued a supervisory statement (SS22/15) on the application of EIOPA's first set of Solvency II guidelines. This provides PRA commentaries on a number of those guidelines.  The PRA recently issued a consultation (CP14/15; closed on 1 May 2015) on its expectations that firms take into account material risks associated with sovereign debt when using an internal model.