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Accounting, auditing and governance for Takaful operations
A comprehensive guide to current issues and practices in governance for Takaful and re-Takaful operations As the global demand for Islamic insurance products increases, a thorough understanding of Takaful principles is vital for accountants, auditors, and leaders of companies offering these products. This book covers the basic accounting principles and practices of Takaful operations, including the segregation of assets, liabilities, income, and expenditures between the Takaful operator and participants; the setting aside of cash reserves for meeting outstanding claims and future claims; and the management of revenue and expenditure. Featuring extensive case studies from real-world situations, this book is the perfect primer for accounting students and practitioners unfamiliar with Islamic finance and Takaful operations. Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance Covers all the major accounting principles and practices Based on real-world experience and packed with illustrative case studies For practicing accountants and business leaders, this book offers a thorough education in Takaful operations while also serving as an excellent guide for undergraduate students and researchers.
eBook
Derivation of a framework for annual financial statements of a property-casualty insurance firm : from Adam Smith to the modern insurance firm
This article derives a framework for annual financial statements of a property-casualty insurer from first principles using Adam Smith's statement of the operation of an insurer as the point of departure. The derivation incorporates current standard accounting principles and regulatory requirements. In the end it will be seen that a substantial correlation exists between the final derived framework and current published statements of a modern property-casualty insurer. It remains to be seen if a similar correlation will continue to exist once the long awaited international accounting standard for insurers is finalised. The article accordingly demonstrates that Adam Smith's statement can be used to derive a workable framework for the accounting and hence management of modern property-casualty insurers. A number of important conclusions flow from the article. Firstly the distinction between provisions and reserves must be understood and maintained failing which solvent insurers may be portrayed as being insolvent, second a new provision should be raised, a Year to Close Provision where it is unclear that existing provisions adequately cover outstanding liabilities and third the IBNR provision should be restricted to claims in the pipeline for the year under consideration.
Journal Article
Audit Analytics in the Financial Industry
Split into six parts, contributors explore ways to integrate Audit Analytics techniques into existing audit programs for the financial industry. Chapters include topics such as fraud risks in the credit card sector, clustering techniques, fraud and anomaly detection, and using Audit Analytics to assess risk in the lawsuit and payment processes.
eBook
Hedging and cash flows in the presence of taxes and expenses in life and pension insurance
In investment and insurance contracts, certain stipulated payments may depend on the hedging strategy. We study the problem of calculation, hedging and valuation of such cash flows, by considering a payment process in a setup with taxes and investment costs that are functions of the investment returns or the current value of the hedging strategy. We determine the market value of the combined liability and decompose the value into the tax part, the investment cost part and the benefit part, and we determine the associated hedging strategies. Moreover, we identify the expected future tax payments and investment cost cash flows. Our results show that the current Danish insurance accounting practice for taxes is in general conservative, when considered in an idealized setting with symmetric and continuously-paid taxes. Finally, we consider the special case of affine interest rates, where explicit results can be obtained, and study some numerical results.
Journal Article
Value Relevance of Embedded Value and IFRS 4 Insurance Contracts
In light of the recent exodus of foreign insurers from Taiwan and the local insurers' outcries against the International Financial Reporting Standard (IFRS) 4 Insurance Contracts, we examine the value relevance of financial statements for life insurance firms, with particular interests to the embedded value (EV) disclosure. We find that the EV of equity has an incremental information role for book value of equity, which indicates that the accounting mismatching problem in the insurance industry creates a demand for fair value accounting. The fair value of liabilities under IFRS 4 Phase 2 has been disputed globally by accountants, actuaries, academia and regulators. The EV model is a concept approaching the fair value model. The research findings provide important empirical evidences supporting the fair value concept of IFRS 4.
Journal Article
The Insurance Industry, Systemic Financial Stability, and Fair Value Accounting
The insurance industry has become more important for systemic financial stability. As a result, the supervision and disclosure of financial risks of insurance companies need to be strengthened. The insurance industry's increasing systemic importance also suggests that there is a need to search for some middle ground in the discussion of fair value accounting to mitigate potentially destabilizing financial volatility.
Journal Article
Impact of Insurance Accounting on Business Reality and Financial Stability
This paper deals with the development of International Financial Reporting Standards on the insurance industry particularly the impact of \"fair value\" accounting as encompassed in \"International Accounting Standard 39: Financial Instruments; recognition and measurement\" and in the current insurance project of the International Accounting Standards Board. It outlines the background and developments in this area together with a summary of the present position. There is no present consensus on an appropriate basis for insurance accounting and from 2005 the industry will almost certainly have to deal with a mixed model for accounting which would have assets accounted for at fair value whilst liabilities are primarily accounted for as at present. The standard setters' current goal would be to have a full fair value reporting system in place by 2007. The paper covers the issues in respect of capital and products that this position gives rise to. Despite the uncertainty surrounding the development of a new standard, it is apparent that the insurance industry will have to deal with very significant changes in its financial reporting and these changes have potentially major consequences for the nature of the business. Insurance companies need to continue to pay attention to the on-going accounting debate over reporting standards and ensure that an industry voice is heard in the determination of a standard which reflects the present business reality and economic position and is also truly useful to the users of financial statements.
Journal Article