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Insurance accounting: a new era?

Author

Listed:
  • Foroughi, K.
  • Barnard, C. R.
  • Bennett, R.W.
  • Clay, D. K.
  • Conway, E. L.
  • Corfield, S. R.
  • Coughlan, A. J.
  • Harrison, J. S.
  • Hibbett, G. J.
  • Kendix, I. V.
  • Lanari-Boisclair, M.
  • O’ Brien, C. D.
  • Straker, J. S. K.

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.

Suggested Citation

  • Foroughi, K. & Barnard, C. R. & Bennett, R.W. & Clay, D. K. & Conway, E. L. & Corfield, S. R. & Coughlan, A. J. & Harrison, J. S. & Hibbett, G. J. & Kendix, I. V. & Lanari-Boisclair, M. & O’ Brien, C., 2012. "Insurance accounting: a new era?," British Actuarial Journal, Cambridge University Press, vol. 17(3), pages 562-615, September.
    • Handle: RePEc:cup:bracjl:v:17:y:2012:i:03:p:562-615_00
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    Cited by:

    1. Hasan, Iftekhar & Jackowicz, Krzysztof & Kowalewski, Oskar & Kozlowski, Lukasz, 2013. "Politically Connected Firms in Poland and Their Access to Bank Financing," Working Papers 13-37, University of Pennsylvania, Wharton School, Weiss Center.
    2. Frey-Heger, Corinna & Barrett, Michael, 2021. "Possibilities and limits of social accountability: The consequences of visibility as recognition and exposure in refugee crises," Accounting, Organizations and Society, Elsevier, vol. 89(C).
    3. Stanković Jovica & Stanković Jelena Z. & Tomić Zoran, 2022. "Factors Affecting Digital Transformation of Insurance in the Republic of Serbia," Economic Themes, Sciendo, vol. 60(1), pages 133-149, March.
    4. Pesci, Caterina & Costa, Ericka & Andreaus, Michele, 2020. "Using accountability to shape the common good," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 67.
    5. Favotto, Alvise & McKernan, John Francis & Zou, Yanru, 2022. "Speculative accountability for animal kinship," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 84(C).
    6. Noemi Sinkovics & Rudolf R. Sinkovics & Jason Archie-Acheampong, 2021. "Small- and medium-sized enterprises and sustainable development: In the shadows of large lead firms in global value chains," Journal of International Business Policy, Palgrave Macmillan, vol. 4(1), pages 80-101, March.

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