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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.
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
Accounting and Taxation of Insurance Operations at Agricultural Enterprises
Agricultural insurance is one of the possible options to hedge pertinent agricultural risks along with the development of transparent financing instruments in agriculture, thereby fostering growth and development of the Ukrainian food market. Agricultural insurance is not limited to crop insurance, it also applies to livestock, bloodstock, forestry, aquaculture, and greenhouses. The use of insurance instruments by an agricultural enterprise causes the occurrence of expenses and income associated with insurance operations. The purpose of the article is to substantiate the principles of accounting for operations on agricultural insurance and the disclosure of taxation of the components of insurance process. The reasons for the low popularity of crop insurance among agricultural producers were disclosed. It was determined that the accounting for insurance operations in agricultural enterprises is based on the reflection of settlements between the insurer and the insurance company. The main objects of accounting are receivables and payables, income and expenses. It was proved that insurance premiums should first be reflected on account 39 “Deferred expenses”, and subsequently written off to expense accounts during the term of the insurance contract because the insurance premiums are usually paid in advance. Some aspects of the reflection in accounting of expenses incurred for voluntary insurance of agricultural products, including those with state support, were disclosed. The rules of taxation of insurance compensation were investigated. It was revealed that the amount of insurance compensation received by the agricultural producer from the insurance company is not subject to value added tax, but is subject to the usual rules for determining income tax.
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