IDEAS home Printed from https://ideas.repec.org/h/spr/sptchp/978-3-319-52851-9_26.html
   My bibliography  Save this book chapter

Financial Statements of an Insurance Undertaking

In: Fundamentals of the Insurance Business

Author

Listed:
  • Massimiliano Maggioni

    (University of Milano)

  • Giuseppe Turchetti

    (Sant’Anna School of Advanced Studies)

Abstract

The aim of this chapter is to explain the implementation of European directives concerning the representation of accounting records in the insurance industry. The legislator, taking into account the normative experiences of the single countries, has tried to reconcile opposing demands of the parties concerned with insurance financial statements. In the following paragraphs, the reader can learn the accounting principles. The Local Generally Accepted Accounting Principles (Local GAAPs) are defined. Then, the IAS/IFRS principles are illustrated. For easing in the comprehension, a comparison of the main Local GAAPs versus IAS/IFRS principles has been performed. The principles for drawing up financial statements are explained: principle of formal clarity and transparency, principle of continuity (or going concern), principle of prudence, principle of accrual, prevalence of substance over form, principle of materially, consistency principle. At the end, the components of the financial statements, in accordance with IAS 1, are described: statement of Financial Position, single Statement of Profit or Loss, statement of Other Comprehensive Income, statement of changes in equity for the period, statement of Cash Flows, explanatory notes containing a summary of accounting policies.

Suggested Citation

  • Massimiliano Maggioni & Giuseppe Turchetti, 2024. "Financial Statements of an Insurance Undertaking," Springer Texts in Business and Economics, in: Fundamentals of the Insurance Business, chapter 26, pages 545-553, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-52851-9_26
    DOI: 10.1007/978-3-319-52851-9_26
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sptchp:978-3-319-52851-9_26. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.