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Developing an International Accounting Standard for Life Assurance Business

Published online by Cambridge University Press:  10 June 2011

D.O. Forfar  and
N.B. Masters
D.O. Forfar
Affiliation:
Department of Actuarial Mathematics and Statistics, Heriot-Watt University, Edinburgh, EH14 4AS, U.K. E-mail: [email protected]
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Abstract

There is currently no international standard for profit reporting in life insurance companies. The paper sets out the issues which an international standard for life companies will need to address, bearing in mind compatibility with existing International Accounting Standards, in particular IAS 32 Financial Instruments: disclosure and presentation, IAS Exposure Draft E62 (now IAS 39); Financial instruments; recognition and measurement and the discussion paper of March 1997 prepared by the Steering Committee on Financial Instruments entitled ‘Accounting for Financial Assets and Financial Liabilities’. The paper discusses possible approaches to the issues which arise and comments on each, ending with some final conclusions.

Keywords

AccountingAccounting PrinciplesInternational Accounting StandardsGAAPProfitsLife Insurance
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 5 , Issue 4 , 01 October 1999 , pp. 621 - 698
Copyright
Copyright © Institute and Faculty of Actuaries 1999

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References

REFERENCES

The following lists include, not only the works referred to in the paper, but also details of other publications which might prove helpful as a starting point for further research.

U.K. ACCOUNTING STANDARDS AND PRINCIPLES

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Abbott, W. M. (1998). Some notes on developments in IASC insurance accounting. Transactions of the 26th International Congress of Actuaries, Birmingham.Google Scholar
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U.K. GAAP — MODIFIED STATUTORY

ABI (1998). Statement of recommended practice (SORP) on accounting for insurance business. ABI publication.Google Scholar
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Statutory Instrument (1993). The Companies Act, 1985 (Insurance Companies Accounts) Regulations 1993. H.M. Stationary Office.Google Scholar

E.U. GAAP

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U.K. ACHIEVED PROFITS

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