scholarly journals Conceptual Basics of Financial Reporting of Insurance Organizations

2020 ◽  
Vol 6 (9) ◽  
pp. 229-234
Author(s):  
S. Arzumanyan
Keyword(s):  
Financial Reporting ◽  
Business Intelligence ◽  
Financial Sector ◽  
International Experience ◽  
Insurance Companies ◽  
Conceptual Foundations

The article discusses the issues of conceptual foundations of the financial reporting based on international experience and standards. As well as analysis of insurance companies and used new programs for the development of the financial sector. The processes of organizing accounting and auditing in insurance organizations represent an objective situation, directed to the business intelligence of the business.

scholarly journals Corporate governance in the financial services sector of small island economies: A case study of Mauritius

2007 ◽  
Vol 4 (3) ◽  
pp. 266-278 ◽  
Author(s):  
Pran Krishansing Boolaky
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Financial Services ◽  
Good Governance ◽  
Financial Sector ◽  
Insurance Companies ◽  
Small Island ◽  
Services Sector ◽  
Financial Services Sector ◽  
Corporate Governance Code

This study investigates the practices of corporate governance in the financial services sector of small island economies with special reference to banks and insurance companies in Mauritius with a view to assess the level of compliance. The financial sector is today an important economic pillar on which the government is relying given the imminent recession in the sugar industry. In this respect financial institutions play a key role because they are the core set of the financial sector. It is therefore important for people to have confidence in both banks and insurance companies of their country. This is possible by ensuring compliance with good governance. In Mauritius, the Central Bank has issued its guidelines on good corporate governance for banks and this guide is made in line with the Corporate Governance Code issued by the National Committee on Corporate Governance. Banks are also required to comply with the codes as per the Banking Act 2004 and the Financial Reporting Act 2004. In a similar vein insurance companies should comply with the National Code on Corporate Governance and relevant laws related to good governance of insurance business, such as the Insurance Act 2005, the Financial Services Commission guidelines on Corporate Governance and the Financial Services Development Act 2002. In addition insurance companies should also comply with the Companies Act 2001 and the Financial Reporting Act 2004. This paper initially reports on the practice of corporate governance in the financial services sector of small island economies by drawing data from the Financial Sector Assessment Programme of the International Monetary Fund. A content analysis of the annual reports of companies in the sector is used to assess the level of compliance to corporate governance code in Mauritius and concludes that compliance rate is above 70% as regards board’s composition, audit committee, disclosure of policies and practices. This study reports that there are few cases of noncompliance with the National Code but good governance is necessary in the financial services sector to inspire stakeholders confidence.

On the issue of assessing the adequacy of the reserves of insurance companies with various methods for determining the loss of business

2020 ◽  
pp. 46-53
Author(s):  
Margarita Naslednikova ◽  
Alexandr Zamalov
Keyword(s):  
Comparative Analysis ◽  
Health System ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Insurance Companies ◽  
Insurance Company ◽  
Reporting Standards ◽  
Loss Ratio ◽  
Qualitative Characteristic ◽  
Financial Reporting Standards

The article discusses methods for calculating the loss ratio of insurance companies, including compulsory medical insurance, which is the basis for building a health system; su’ciency of formed reserves, which are created in connection with the possibility of losses. Variants of interpretation of calculated indicators into a qualitative characteristic of the insurance company. A comparative analysis of the calculation of indicators of loss-making of insurance companies and the adequacy of the formation of reserves of insurance companies according to Russian accounting standards and in accordance with the requirements of international financial reporting standards.

scholarly journals Psychological Capital of Employees’ Engagement: Moderating Impact of Conflict Management in the Financial Sector of Pakistan

2019 ◽  
Vol IV (III) ◽  
pp. 115-123
Author(s):  
Muhammad Asif ◽  
Muhammad Azizullah Khan ◽  
Malik Adil Pasha
Keyword(s):  
Conflict Management ◽  
Psychological Capital ◽  
Financial Sector ◽  
Insurance Companies ◽  
Investment Companies ◽  
History Of ◽  
Brokerage Firms ◽  
The Relationship ◽  
Goals And Objectives

Human capital is the backbone of any business and its behavior reflects how the company would achieve its goals and objectives in its business. This study examines the relationship between psychological capital (PC) and employees’ engagement (EE) with the moderating role of conflict management (CM) in the financial sector of Pakistan. A questionnaire composed of established scales were administered to 278 employees in the financial sector, including various banks, investment companies, real estate companies, insurance companies, and brokerage firms at Islamabad. After determining the reliability, the model was analyzed with the help of correlation and regression. Research indicates that PC positively influences EE. This relationship improves further positively when conflicts are handled effectively. Overall, this effort contributes to the existing literature on the history of worker’s involvement by examining the direct impact of PC and CM on EE and moderation of CM.

scholarly journals The expected impact of applying IFRS (17) insurance contracts on the quality of financial reports

Accounting ◽  
2021 ◽  
pp. 581-590
Author(s):  
Ahmad Dahiyat ◽  
Walid Owais
Keyword(s):  
Financial Reporting ◽  
Cash Flows ◽  
Faithful Representation ◽  
Insurance Companies ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Financial Reports ◽  
Insurance Contracts ◽  
Analytical Approaches

This study aimed to explore the expected effect of applying the International Financial Reporting Standard (IFRS) 17 Insurance Contracts on the quality of financial reports. The study followed the exploratory descriptive analytical approaches. A questionnaire was developed and distributed to a sample of 120 financial employees in all insurance companies in Jordan. It concluded that the expected impact of applying the standard on the quality of financial reports was significant, especially on the comparability of financial reports, and faithful representation. It was found that there is an expected, statistically significant and positive effect between the application of the standard, and the quality of financial reports in general, and the expected influence of applying the standard and each of comparability, faithful representation, relevance, verifiability, timely, and understandability respectively. The study recommends the application of the standard in the specified time, work to create appropriate conditions, and the need to follow objective assumptions from the company's management for the estimation of cash flows when applying the standard.

Actual Problems of Recording in Accounting and Financial Reporting of Insurance Companies of the Amounts of Refunds of Insurance Premiums

Auditor ◽  
2016 ◽  
Vol 2 (7) ◽  
pp. 31-36
Author(s):  
Пальгуева ◽  
T. Palgueva
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Insurance Companies ◽  
Data Manipulation ◽  
Insurance Premiums ◽  
Reporting Data

The paper deals with the recording in the accounting and fi nancial reporting of insurance companies of amount of the refund of premiums in the context of ongoing changes in the Russian legislation. Th e author’s approach to the order of their recording in the financial statements in order to improve its quality and prevent potential reporting data manipulation is off ered.

scholarly journals SUSTAINABILITY OF THE FINANCIAL SYSTEM OF THE REGION: ISSUES OF THEORY AND PRACTICE

2020 ◽  
pp. 95-102
Author(s):  
О.В. Гончарук ◽  
Ю.Е. Путихин
Keyword(s):  
Financial Stability ◽  
Financial System ◽  
Financial Sector ◽  
Theory And Practice ◽  
Practical Significance ◽  
Insurance Companies ◽  
Municipal Finance ◽  
The Russian Federation ◽  
The Stability ◽  
Definition Of

В статье с позиций общего методологического анализа понятия «устойчивость» обоснована теоретическая и практическая значимость использования понятия «устойчивость финансовой системы региона», проанализированы подходы к раскрытию особенностей понятий финансовой устойчивости нефинансовых организаций, банков и страховых компаний, проанализированы подходы к определению понятия финансовой системы страны/ региона и ее структуры. В качестве основополагающего для целей анализа устойчивости финансовой системы региона выбран подход, в рамках которого финансовая система региона рассматривается как совокупность взаимодействующих и взаимосвязанных между собой таких секторов как сектор государственных и муниципальных финансов, финансовый сектор региона, региональный сектор корпоративных и личных финансов. Показана неравномерность развития отдельных институтов финансового сектора Российской Федерации и проанализированы основные показатели развития секторов финансовой системы страны за период 2016-2020 гг. Изложены методические подходы Банка России к исследованию финансовой стабильности. Предложено авторское определение «устойчивость финансовой системы региона» и совокупность параметров и показателей для оценки устойчивости секторов финансовой системы региона. The article substantiates the theoretical and practical significance of using the concept of "stability of the financial system of the region" from the standpoint of a general methodological analysis of the concept of "stability", analyzes approaches to revealing the features of the concepts of financial stability of non-financial organizations, banks and insurance companies, analyzes approaches to defining the concept of the financial system of a country / region and its structure; as a fundamental approach for the purposes of analyzing the stability of the financial system of the region, the approach is chosen in which the financial system of the region is considered as a set of interacting and interconnected sectors: the sector of state and municipal finance, the financial sector of the region, the regional sector of corporate and personal finance. The uneven development of individual institutions of the financial sector of the Russian Federation is shown and the main indicators of the development of the country's financial system sectors for the period 2016-2020 are analyzed. The methodological approaches of the Bank of Russia to the study of financial stability are described. The author's definition of "stability of the financial system of the region" and a set of parameters and indicators for assessing the stability of the financial system sectors of the region are proposed.

scholarly journals THE IMPACT OF THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON THE FINANCIAL SITUATION AND PERFORMANCE OF THE COMPANY

2020 ◽  
Author(s):  
Radoslav Tusan ◽  
Keyword(s):  
Financial Reporting ◽  
Insurance Companies ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Indicators ◽  
Financial Situation ◽  
Financial Reporting Standards ◽  
And Performance ◽  
The Impact

This paper deals with the evaluation of the impact of the adoption of International Financial Reporting Standards (IFRS) on the financial situation and performance of the company. The Slovak Accounting Act allows accounting and reporting under IFRS for two types of entities - explicitly specified by law (e.g. banks, insurance companies, stock exchange); and those that meet specified size criteria. The analyzed company met the size criteria and IFRS has been applying since 2018. The transition from Slovak accounting procedures to IFRS has an impact on the classification of individual items of assets and liabilities, their structure, and the classification of related costs and revenues. The transition to IFRS thus has an impact on the company's financial position and performance. The paper set out two objectives of the research: 1) the transition to IFRS caused an insignificant change in the company's financial indicators; 2) the transition to IFRS caused a significant change in the company's financial indicators. The results of the analysis show changes in the structure of the company's assets and liabilities, the amount of income and expenses, and the less significant impact of the adoption of IFRS on financial indicators.

scholarly journals Raportowanie informacji niefinansowych w zakładach ubezpieczeń w Polsce

2017 ◽  
pp. 63-86
Author(s):  
Marzanna Lament
Keyword(s):  
Financial Reporting ◽  
Relevant Literature ◽  
Insurance Companies ◽  
Financial Reports ◽  
Academic Literature ◽  
Unique Nature ◽  
Fundamental Cause ◽  
The Subject ◽  
Qualitative Characteristics ◽  
Similar Sample

Raportowanie informacji niefinansowych w zakładach ubezpieczeń w Polsce This paper aims to show causes of non-financial reporting and to present conclusions from an evaluation of the extent and principles of this area of reporting with regard to the prevailing practice of companies in the Polish insurance market. The paper reviews literature of the subject and applicable regulations and uses the methods of deduction and induction, analysis of the contents of non-financial reports and the author's own observations. The initial part is a review of relevant literature concerning causes of nonfinancial reporting. The second section describes the unique nature of insurance companies as public trust organisations and its effects on management systems of insurers and qualitative characteristics of nonfinancial reports. Non-financial reports have been examined that were drafted in 2001–2015 by insurance companies operating in Poland as of 31 December 2015. Reports submitted to the GRI as reports from Poland and reports of parent entities have been studied. Image considerations have been found to be the fundamental cause of non-financial reporting. 48.2% of insurance companies produced reports although it was not mandatory at the time. No results of research using a similar sample have been found in academic literature.

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