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Insurance accounting: a new era?

Published online by Cambridge University Press:  18 May 2012

K. Foroughi ,
C. R. Barnard ,
R.W. Bennett ,
D. K. Clay ,
E. L. Conway ,
S. R. Corfield ,
A. J. Coughlan ,
J. S. Harrison ,
G. J. Hibbett  and
I. V. Kendix
...Show all authors
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Abstract

Insurance accounting has for many years proved a challenging topic for standard setters, preparers and users, often described as a “black box”. Will recent developments, in particular the July 2010 Insurance Contracts Exposure Draft, herald a new era?

This paper reviews these developments, setting out key issues and implications. It concentrates on issues relevant to life insurers, although much of the content is also relevant to non-life insurers.

The paper compares certain IFRS and Solvency II developments, recognising that UK insurers face challenges in implementing new financial and regulatory reporting requirements in similar timeframes. The paper considers resulting external disclosure requirements and a possible future role for supplementary information.

Keywords

EquityFair ValueFinancial InstrumentsInsurance AccountingInsurance CompaniesInsurance Contracts Exposure DraftInternational Accounting Standards BoardInternational Financial Reporting StandardsInvestment ContractsProfit or LossRevenue RecognitionSolvency IISupplementary ReportingVolatility
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 17 , Issue 3 , September 2012 , pp. 562 - 615
Copyright
Copyright © Institute and Faculty of Actuaries 2012

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