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Insurance and International Financial Reporting Standards
The Geneva Papers on Risk and Insurance. Issues and Practice
Vol. 30, No. 1 (January 2005), pp. 114-120
Published by: Palgrave Macmillan Journals
Stable URL: http://www.jstor.org/stable/41952814
Page Count: 7
You can always find the topics here!Topics: Insurance industry, Liability insurance, Business insurance, International accounting standards, Fair market value, Insurance companies, Accounting interpretations, Insurance risk, Investment risk, Actuarial liability
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The development of an international standard for the accounting of insurance contracts is a challenging project. The goal of this standard is to accomplish high transparency and decision usefulness for participants in the capital markets. The paper gives an overview on the actual development status of this accounting standard for insurance contracts. Beyond a description of the actual status, possible consequences and problems for the business model of insurance companies are elaborated. Furthermore, the article gives an outlook on phase II of the insurance project and outlines the possible relationship between IFRS and the Solvency II project.
The Geneva Papers on Risk and Insurance. Issues and Practice © 2005 Palgrave Macmillan Journals