scholarly journals Financial Reporting Practices in the Insurance Company in Bangladesh: An Evaluation of the Implementation of IFRS 4, Insurance Contract

2017 ◽  
Vol 06 (01) ◽  
Author(s):  
Md Mirajur Rahman
Keyword(s):  
Financial Reporting ◽  
Insurance Contract ◽  
Insurance Company ◽  
Reporting Practices ◽  
Ifrs 4

scholarly journals Takāful Risk Fund and Surplus Management: Analytics for Social Equity?

2021 ◽  
Vol 8 (Special Issue) ◽  
pp. 401-421
Author(s):  
Syed Musa Alhabshi
Keyword(s):  
Financial Reporting ◽  
Social Equity ◽  
Significant Feature ◽  
Insurance Company ◽  
Reporting Practices ◽  
Financial Reporting Standards ◽  
Social Nature ◽  
Policy And Strategy ◽  
The Social ◽  
Regulatory Guidelines

An important and significant feature of Takāful Model is the proper administration and effective management of risk fund and the takāful surplus distribution. Unlike conventional insurance where all premiums paid are exchanged in consideration for underwriting risk pool assumed by the insurance company in the form of risk transfer, Takāful contribution is based on the principle of mutual trust, mutual risk pooling, and mutual benefit based on (ta’aun) cooperation and the social contract of tabarru’. The tabarru’ contribution to the risk fund exemplifies the social nature of the risk fund. Technically the nature of this mutual risk fund is based on social contribution intended to indemnify the participants as policyholders against peril arising from hazard. However, the issue of both moral and morale hazard may also arise due to the lack of policy and strategy in terms of governance and transparency of the risk fund. This article attempts to critically review the current takāful surplus management of selected takāful operator’s model based on Shariah principles, rulings, and requirements; and the regulatory guidelines and policy documents. It will highlight the issue(s) of social equity among the shareholders, takāful operators, and policyholders and present the analytics of takāful surplus based on the different takāful operating models as specified by the Takāful Operating Framework. It will also examine the consequences of takāful surplus management reporting practices and the implications of the adoption of relevant international financial reporting standards. Finally, this article will attempt to articulate the analytics for social equity in Takāful.

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 The IFRS 17 contractual service margin: a life insurance perspective

2021 ◽  
Vol 26 ◽  
Author(s):  
W. Yousuf ◽  
J. Stansfield ◽  
K. Malde ◽  
N. Mirin ◽  
R. Walton ◽  
...  
Keyword(s):  
Life Insurance ◽  
Market Value ◽  
Financial Statements ◽  
Insurance Contract ◽  
Accounting Standard ◽  
Insurance Contracts ◽  
Ifrs 4 ◽  
Insurance Perspective ◽  
To Come

Abstract IFRS 17 Insurance Contracts is a new accounting standard currently expected to come into force on 1 January 2023. It supersedes IFRS 4 Insurance Contracts. IFRS 17 establishes key principles that entities must apply in all aspects of the accounting of insurance contracts. In doing so, the Standard aims to increase the usefulness, comparability, transparency and quality of financial statements. A fundamental concept introduced by IFRS 17 is the contractual service margin (CSM). This represents the unearned profit that an entity expects to earn as it provides services. However, as a principles-based standard, IFRS 17 results in entities having to apply significant judgement when determining the inputs, assumptions and techniques it uses to determine the CSM at each reporting period. In general, the Standard resolves broad categories of mismatches which arise under IFRS 4. Notable examples include mismatches between assets recorded at current market value and liabilities calculated using fixed discount rates as well as inconsistencies in the timing of profit recognition over the duration of an insurance contract. However, there are requirements of IFRS 17 that may create economic or accounting mismatches of its own. For example, new mismatches could arise between the measurement of underlying contracts and the corresponding reinsurance held. Additionally, mismatches can still arise between the measurement of liabilities and the assets that support the liabilities. This paper explores the technical, operational and commercial issues that arise across these and other areas focusing on the CSM. As a standard that is still very much in its infancy, and for which wider consensus on topics is yet to be achieved, this paper aims to provide readers with a deeper understanding of the issues and opportunities that accompany it.

scholarly journals The Impact of CSR on the Capital Structure of High-Tech Companies in Poland

2021 ◽  
Vol 13 (10) ◽  
pp. 5467
Author(s):  
Barbara Grabinska ◽  
Dorota Kedzior ◽  
Marcin Kedzior ◽  
Konrad Grabinski
Keyword(s):  
Capital Structure ◽  
Financial Reporting ◽  
Academic Research ◽  
Debt Financing ◽  
High Tech ◽  
High Tech Industry ◽  
Reporting Practices ◽  
Csr Reporting ◽  
The Impact ◽  
The Capital Structure

So far, CSR’s role in the high-tech industry is not fully explained by academic research, especially concerning the most burdensome obstacle to firms’ growth: acquiring debt financing. The paper aims to solve this puzzle and investigate whether young high-tech companies can attract more debt by engaging in CSR activity. To address the high-tech industry specificity, we divided CSR-reporting practice into three broad categories: employee, social, and environmental and analyzed their impact on the capital structure. Our sample consists of 92 firm-year observations covering the period 2014–2018. Using a regression method, we found out that only employee CSR plays a statistically significant role in shaping capital structure. We did not find evidence for the influence of the other types of CSR-reporting practices. The results suggest that employees are the key resource of high-tech companies, and, for this reason, they are at the management’s focus. This fact is visible at the financial reporting level and, as we interpret results, is also considered by credit providers. In a more general way, our results suggest that firms tend to choose CSR based on the importance of crucial resources.

Financial Reporting Practices in France

1976 ◽  
Vol 32 (1) ◽  
pp. 39-49 ◽  
Author(s):  
M. Edgar Barrett ◽  
Jean-Louis Roy
Keyword(s):  
Financial Reporting ◽  
Reporting Practices

scholarly journals PERHITUNGAN PREMI ASURANSI JOINT LIFE DENGAN MODEL VASICEK DAN CIR

2019 ◽  
Vol 8 (3) ◽  
pp. 246
Author(s):  
I MADE WAHYU WIGUNA ◽  
KETUT JAYANEGARA ◽  
I NYOMAN WIDANA
Keyword(s):  
Stochastic Process ◽  
Interest Rates ◽  
Life Insurance ◽  
Insurance Premium ◽  
Insurance Contract ◽  
Insurance Company ◽  
Vasicek Model ◽  
Cir Model ◽  
Premium Payment ◽  
Premium Price

Premium is a sum of money that must be paid by insurance participants to insurance company, based on  insurance contract. Premium payment are affected by interest rates. The interest rates change according to stochastic process. The purpose of this work is to calculate the price of joint life insurance premiums with Vasicek and CIR models. The price of a joint life insurance premium with Vasicek and CIR models, at the age of the insured 35 and 30 years has increased until the last year of the contract. The price of a joint life insurance premium with Vasicek model is more expensive than the premium price using CIR model.

scholarly journals Financial Disclosure and Budgetary Practices of Religious Organization: A Study of Qaryah Mosques in Kuala Terengganu

2015 ◽  
Vol 17 (1) ◽  
pp. 83
Author(s):  
Shahida Bt Shaharuddin ◽  
Maliah Bt Sulaiman
Keyword(s):  
Financial Reporting ◽  
Mixed Method ◽  
Financial Management ◽  
Peninsular Malaysia ◽  
Financial Accounting ◽  
Financial Disclosure ◽  
Religious Organization ◽  
Structured Interviews ◽  
Reporting Practices ◽  
Budgetary Control

This paper aims to examine the financial reporting and budgeting practices of qaryah mosques in Kuala Terengganu, a state in the east of Peninsular Malaysia. Data was collected using a mixed method (quantitative and qualitative) approach. The questionnaire was disseminated to qaryah mosques in Kuala Terengganu and 39 responded. To address the limitations of a questionnaire survey, semi-structured interviews were then conducted with a few of the respondents. The results revealed that qaryah mosques in Kuala Terengganu do have a satisfactory system in place in terms of their financial reporting practices. However, budgetary control practices appear to be lacking. This indicates accounting, as is practiced by qaryah mosques in Kuala Terengganu appears to be limited to financial accounting. Hence, the financial management in qaryah mosques needs to be improved so that the risk of embezzlement can be reduced.

The Development of Accounting and Financial Reporting Practices in Sri Lanka: An Exploratory Investigation

2019 ◽  
Vol 54 (02) ◽  
pp. 1950008
Author(s):  
Jayasinghe Hewa Dulige ◽  
Nadana Abayadeera ◽  
Muhammad Jahangir Ali ◽  
Paul Mather
Keyword(s):  
Sri Lanka ◽  
Financial Reporting ◽  
Reporting Quality ◽  
Sri Lankan ◽  
Reporting Practices ◽  
Political Interference ◽  
Key Stakeholders ◽  
Exploratory Investigation ◽  
Chartered Accountants

In this paper, we examine the factors that influence the development of accounting and reporting practices in Sri Lanka in the backdrop of its political and economic environment. We find that the early days of accounting in Sri Lanka were heavily influenced by the British colonial system. Subsequently, its greatest influence was derived from the regulatory and institutional framework backed by local and British professional accounting bodies. We also interview key stakeholders to draw insights on how the institutional factors contribute to the development of financial reporting in Sri Lanka. We discover that the Institute of Chartered Accountants of Sri Lanka (ICASL) is a key player in developing and implementing accounting standards and the best financial reporting practices. We observe that although the Sri Lankan Government has undertaken many initiatives to improve the quality of financial reporting, monitoring and enforcing regulations remain weak partly due to political interference. Therefore, we suggest that strengthening the existing regulatory mechanisms will help to improve the reporting quality and build investor confidence.

Financial reporting for commercial service charges in the retail sector

2015 ◽  
Vol 33 (2) ◽  
pp. 152-172 ◽  
Author(s):  
Andrew Holt ◽  
Timothy Eccles
Keyword(s):  
Financial Reporting ◽  
Third Party ◽  
Retail Sector ◽  
Content Type ◽  
Reporting Practices ◽  
Code Of Practice ◽  
Reporting Requirements ◽  
Service Charge ◽  
Shopping Centres ◽  
Retail Shopping

Purpose – The purpose of this paper is to assess whether financial reporting practices for commercial service charges in the UK retail sector match the best practice requirements of the Royal Institution of Chartered Surveyors (RICS) Code of practice for commercial service charges. This assessment was performed by benchmarking commercial service charge documents provided to retail occupiers at UK shopping centres against the RICS Code’s financial reporting requirements. Design/methodology/approach – Data were generated from direct analysis of actual service charge documents supplied to commercial retail occupiers. This ensures authenticity by removing reliance upon third party reporting of said data. The paper uses a sample size that is representative of the financial reporting practices for commercial service charges at UK shopping centres. Findings – Levels of compliance with the financial reporting requirements of the RICS Code of Practice for commercial service charges are found to be poor, especially in terms of the disclosure of the accounting policies used during the preparation of the service charge accounts. These results contrast with claims by the professional body. Research limitations/implications – The work analyses service charge documents prepared during 2010-2012 by 44 managing agents and 87 landlords at 126 UK retail shopping centres located in Great Britain. Content analysis was utilised to interpret the data and required some subjective judgement by the researchers. Originality/value – Data are original and the paper provides a unique benchmarking test for assessing Code compliance. This contrasts markedly with the anecdotal evidence offered by the profession in defending current standards of practice and whilst the paper has limitations, it is the largest and most in-depth study of commercial service charge practices at UK retail shopping centres.

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