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| Author | : Schweizerische Rückversicherungs-Gesellschaft. Economic Research and Consulting |
| Publisher | : |
| Total Pages | : 32 |
| Release | : 2004 |
| Genre | : Insurance |
| ISBN | : |
| Author | : Tanja Kusterer |
| Publisher | : |
| Total Pages | : |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
At present, the IASB is drafting the Financial Reporting Standard IFRS 4 Insurance Contracts with the aim of increasing the comparability and transparency in the accounting for insurance contracts. In June 2013, the Board released a revised exposure draft which is currently under discussion. The final standard is expected to be published in 2015. The following work analyses the impacts of this new standard on the insurance industry. The first part examines the effects on the financial statements and finds that the introduction of a building-block model that is based on a fair value measurement will increase the volatility in profit or loss and equity, lead to accounting mismatches, change the presentation of profit or loss and introduce complexity. As a strategic consequence, insurers may focus on volatility management, adapt their asset and liability management strategies, shift the management systems from a volume- to a profit-oriented perspective, and reconsider their product mix and pricing strategies. The second part discusses the impacts on an insurer's operations and, based on the expected complexity, additional data, an update of processes and systems, a substantial amount of human resources and an extensive education of all stakeholders involved will be required. Altogether, insurers will incur high costs on an initial and ongoing basis which will also depend on the degree of alignment with other regulations.
| Author | : Kajal J. Savaliya |
| Publisher | : LAP Lambert Academic Publishing |
| Total Pages | : 84 |
| Release | : 2014-07-23 |
| Genre | : |
| ISBN | : 9783659576645 |
Break down of cross border barriers have encouraged the need to move towards a single set of consistent and understandable financial information reporting standards. There is also need to set single global language for accounting in world. There are many countries who have adopted the International financial reporting standard and therefore matter of convergence to IFRS has gained increasing importance in India as well. Introduction to International financial reporting standard provides the basic explanations of International financial reporting standard convergence with Indian GAAP. It discusses various aspects of challenges relating with the Indian insurance industry after Convergence of International financial reporting standard. It covers a research based work in which it examine the impact of IFRS on insurance industry performance. It will also serve the graphical presentation of questions and applied various statistical tests on forming of hypotheses.
| Author | : Thomas Post |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
The European insurance industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS - leading to a market-oriented valuation of insurance contracts - are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this paper applies ő where indicated ő capital market theory and the concept of information efficiency. The paper suggests that concerns about the effects of IFRS are exaggerated, and reveals that the main area of IFRS impact on the European insurance industry is likely to be on insurance product design.
| Author | : Thomas Post |
| Publisher | : |
| Total Pages | : |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
The European insurance industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS - leading to a market-oriented valuation of insurance contracts - are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this paper applies where indicated capital market theory and the concept of information efficiency. The paper suggests that concerns about the effects of IFRS are exaggerated, and reveals that the main area of IFRS impact on the European insurance industry is likely to be on insurance product design.
| Author | : International Accounting Standards Board |
| Publisher | : |
| Total Pages | : 46 |
| Release | : 2004 |
| Genre | : Business insurance |
| ISBN | : 9781904230496 |
| Author | : Ciara Mooney |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
| Author | : Michelle Chong-Tai Bell |
| Publisher | : |
| Total Pages | : |
| Release | : 2020 |
| Genre | : |
| ISBN | : 9789292594121 |
| Author | : Mario Simon Guenther |
| Publisher | : |
| Total Pages | : 94 |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
| Author | : Mohan R. Lavi |
| Publisher | : John Wiley & Sons |
| Total Pages | : 272 |
| Release | : 2016-02-11 |
| Genre | : Business & Economics |
| ISBN | : 1119047552 |
The industry-specific guide to IFRS interpretation andapplication One of the biggest challenges of any reporting standard is howbest to interpret and implement it in the context of a specificcompany or industry, given that each industry has its ownintricacies and nuances. The Impact of IFRS on Industryprovides specific guidance on applying IFRS in a diverse range ofsectors. Opening with an overview of IFRS, including a summary of all thestandards, the book goes on to provide detailed coverage of thestandards that can impact all industries, including IAS-40, IFRS 1,and IFRS 5. Thereafter, it offers practical advice and guidance onthe application of IFRS in specific industries, includingautomotive; oil and gas; bio-sciences; infrastructure; airlines;media and communications; government-owned entities; mining;software; banking and financial services; insurance; FMCG;shipping; pharmaceuticals; telecoms; real estate and construction;power; SMEs; retail; e-commerce; and the service sector. The bookconcludes with a discussion on the collateral impact ofimplementing IFRS and how forthcoming IFRS Standards could impactspecific industries. Worked examples are used throughout to demonstrate how thestandards are applied in practice. Understand the IFRS standards comprehensively Learn which standards impact all industries Examine the ways in which IFRS is applied in practice See how different standards are applied in specificindustries Suitable as a quick reference or a comprehensive guide, TheImpact of IFRS on Industry gives you the real-world IFRSanswers you need.
