Download or read book Impact of IFRS on Indian Insurance Industry written by Kajal J. Savaliya and published by LAP Lambert Academic Publishing. This book was released on 2014-07-23 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Break down of cross border barriers have encouraged the need to move towards a single set of consistent and understandable financial information reporting standards. There is also need to set single global language for accounting in world. There are many countries who have adopted the International financial reporting standard and therefore matter of convergence to IFRS has gained increasing importance in India as well. Introduction to International financial reporting standard provides the basic explanations of International financial reporting standard convergence with Indian GAAP. It discusses various aspects of challenges relating with the Indian insurance industry after Convergence of International financial reporting standard. It covers a research based work in which it examine the impact of IFRS on insurance industry performance. It will also serve the graphical presentation of questions and applied various statistical tests on forming of hypotheses.
Download or read book Impacts of IFRS 4 on the Insurance Industry written by Tanja Kusterer and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: At present, the IASB is drafting the Financial Reporting Standard IFRS 4 Insurance Contracts with the aim of increasing the comparability and transparency in the accounting for insurance contracts. In June 2013, the Board released a revised exposure draft which is currently under discussion. The final standard is expected to be published in 2015. The following work analyses the impacts of this new standard on the insurance industry. The first part examines the effects on the financial statements and finds that the introduction of a building-block model that is based on a fair value measurement will increase the volatility in profit or loss and equity, lead to accounting mismatches, change the presentation of profit or loss and introduce complexity. As a strategic consequence, insurers may focus on volatility management, adapt their asset and liability management strategies, shift the management systems from a volume- to a profit-oriented perspective, and reconsider their product mix and pricing strategies. The second part discusses the impacts on an insurer's operations and, based on the expected complexity, additional data, an update of processes and systems, a substantial amount of human resources and an extensive education of all stakeholders involved will be required. Altogether, insurers will incur high costs on an initial and ongoing basis which will also depend on the degree of alignment with other regulations.
Download or read book The Impact of IFRS on the Insurance Industry written by Schweizerische Rückversicherungs-Gesellschaft. Economic Research and Consulting and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Implications of IFRS for the European Insurance Industry Insights from Capital Market Theory written by Thomas Post and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European insurance industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS - leading to a market-oriented valuation of insurance contracts - are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this paper applies ő where indicated ő capital market theory and the concept of information efficiency. The paper suggests that concerns about the effects of IFRS are exaggerated, and reveals that the main area of IFRS impact on the European insurance industry is likely to be on insurance product design.
Download or read book India written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-04-02 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note provides an assessment of the recent development of regulation and supervision of the Indian insurance sector. The sector has continued to grow in scale and diversity, surmounting the adverse impact of the global financial crisis, although penetration remains relatively low. Public sector insurers continue to command a majority of the market and life insurance predominates, with about 75 percent of total premiums. Non-life insurance is dominated by motor insurance. Penetration rates are unchanged from 2011 and generally lower than in comparator countries, especially in non-life. Although traditional sale channels continue to predominate, there is increasing diversity in distribution. Risks in life insurance are relatively well spread and in non-life are mainly short-term.
Download or read book Implications of IFRS for the European Insurance Industry Insights from Capital Market Theory written by Thomas Post and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The European insurance industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS - leading to a market-oriented valuation of insurance contracts - are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this paper applies where indicated capital market theory and the concept of information efficiency. The paper suggests that concerns about the effects of IFRS are exaggerated, and reveals that the main area of IFRS impact on the European insurance industry is likely to be on insurance product design.
Download or read book The Impact of IFRS on Industry written by Mohan R. Lavi and published by John Wiley & Sons. This book was released on 2016-03-28 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The industry-specific guide to IFRS interpretation and application One of the biggest challenges of any reporting standard is how best to interpret and implement it in the context of a specific company or industry, given that each industry has its own intricacies and nuances. The Impact of IFRS on Industry provides specific guidance on applying IFRS in a diverse range of sectors. Opening with an overview of IFRS, including a summary of all the standards, the book goes on to provide detailed coverage of the standards that can impact all industries, including IAS-40, IFRS 1, and IFRS 5. Thereafter, it offers practical advice and guidance on the application of IFRS in specific industries, including automotive; oil and gas; bio-sciences; infrastructure; airlines; media and communications; government-owned entities; mining; software; banking and financial services; insurance; FMCG; shipping; pharmaceuticals; telecoms; real estate and construction; power; SMEs; retail; e-commerce; and the service sector. The book concludes with a discussion on the collateral impact of implementing IFRS and how forthcoming IFRS Standards could impact specific industries. Worked examples are used throughout to demonstrate how the standards are applied in practice. Understand the IFRS standards comprehensively Learn which standards impact all industries Examine the ways in which IFRS is applied in practice See how different standards are applied in specific industries Suitable as a quick reference or a comprehensive guide, The Impact of IFRS on Industry gives you the real-world IFRS answers you need.
Download or read book The Impact of IFRS 9 on Financial Statements written by Mario Simon Guenther and published by . This book was released on 2015 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of IFRS on Insurance Companies written by Ciara Mooney and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Indian Insurance Sector Deregulation and the Global Financial Crisis written by Joy Chakraborty and published by LAP Lambert Academic Publishing. This book was released on 2020-04-10 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the deregulation of the Indian insurance sector in 1999, the market-share of the country's sole largest public-sector player Life Insurance Corporation of India has drastically gone down with the entry of private players. The abrupt rise in the presence of private players has eventually raised concerns about the performances of the life insurance players in safeguarding the interests of the policyholders. Further, the global financial crisis of 2007-08 had its contagion effects in the Indian insurance industry, the ripples of which were even felt in the performances of the Indian life insurers. The study thus makes an attempt to evaluate the operational efficiencies, productivity and financial health of the life insurance companies in India, covering the period from 2008-09 to 2014-15 against the backdrop of the global financial crisis and the insurance sector deregulation in India. The study has also hinted at the monopolistic-competition type of market structure prevailing in the country's life insurance sector. The study further gave indications about the commendable turnaround manifested by the life insurers from the spill-over effects of the financial crisis post 2010.
Download or read book The Impact of IFRS on Industry written by Mohan R. Lavi and published by John Wiley & Sons. This book was released on 2016-02-11 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The industry-specific guide to IFRS interpretation andapplication One of the biggest challenges of any reporting standard is howbest to interpret and implement it in the context of a specificcompany or industry, given that each industry has its ownintricacies and nuances. The Impact of IFRS on Industryprovides specific guidance on applying IFRS in a diverse range ofsectors. Opening with an overview of IFRS, including a summary of all thestandards, the book goes on to provide detailed coverage of thestandards that can impact all industries, including IAS-40, IFRS 1,and IFRS 5. Thereafter, it offers practical advice and guidance onthe application of IFRS in specific industries, includingautomotive; oil and gas; bio-sciences; infrastructure; airlines;media and communications; government-owned entities; mining;software; banking and financial services; insurance; FMCG;shipping; pharmaceuticals; telecoms; real estate and construction;power; SMEs; retail; e-commerce; and the service sector. The bookconcludes with a discussion on the collateral impact ofimplementing IFRS and how forthcoming IFRS Standards could impactspecific industries. Worked examples are used throughout to demonstrate how thestandards are applied in practice. Understand the IFRS standards comprehensively Learn which standards impact all industries Examine the ways in which IFRS is applied in practice See how different standards are applied in specificindustries Suitable as a quick reference or a comprehensive guide, TheImpact of IFRS on Industry gives you the real-world IFRSanswers you need.
Download or read book IFRS 4 Insurance Contracts written by International Accounting Standards Board and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Putting IFRS in Motion written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Market Reaction to the Adoption of IFRS in the European Insurance Industry written by Abed Al-Nasser Abdallah and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the market reaction of the European insurance industry to the adoption of International Financial Reporting Standards (IFRS) in Europe. Using an event study methodology, we find that investors in the insurance industry reacted favorably to most of the events that led to the adoption of IFRS. However, the positive reaction is not consistent across all events, which may reveal that investors' concern whether the benefits of IFRS adoption (i.e. comparability and transparency) exceed the costs (i.e. increase audit fees and /or managerial discretion). We also find that investors' reaction to IFRS adoption differs between life and non-life insurers. Specifically, our multivariate results show that investors in non-life insurance industry react more favorably to IFRS adoption, which indicates that they anticipate the benefits of IFRS to exceed the costs.
Download or read book Implications of IFRS 9 on the Insurance Sector written by Cédric Decrue and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis analyses the implications of the change from IAS 39 to IFRS 9 on the insurance sector and identifies the critical aspects for a successful implementation of IFRS 9. The thesis is based on a theoretical elaboration of the two standards for the purpose of defining the alterations between IAS 39 and IFRS 9. Thereafter, the impact assessment relies on three aspects, i.e. it assesses the two standards to have a similar degree of complexity, it highlights the main alterations with several exemplary cases and it deduces the implications for the insurance companies. The impact assessment is conducted on the basis of a qualitative questionnaire that was used to interview 10 experts of insurers or insurance related companies. Moreover, the author finds that the joint implementation of IFRS 9 with IFRS 4 phase II is vital for insurers due to the standards' interrelation.
Download or read book The Computational and Timing Challenge of Quarterly Nonlife Re Insurance Liability Evaluation Under IFRS 4 Phase 2 written by Eric Dal Moro and published by . This book was released on 2015 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among the many changes and revolutions that the (re)insurance industry will face in the next few years, introduction of the new standard IFRS 4 phase 2 is one that will certainly impact the way in which the (re)insurance business is managed. Not only will this new standard impact insurance accounting schemes, but it will also impact the performance evaluation of the whole insurance industry in general and each line of business being underwritten by the industry. As a result, some companies may decide to withdraw from some lines of business and/or to concentrate on other lines of business. Given that the final stage of implementation is still years away, it seems that many are not spending the time necessary to consider the timing and stress issues that the (re)insurance industry will face when it comes to implementing the new standard. We suggest that these issues need to be considered soon, since they will most likely result in significant organizational changes involving actuaries, finance, risk modeling and investor relations. This small article highlights some of the major issues that (re)insurance companies will face when coming to implement the new standard and proposes some practical solutions to tackle the most pressing ones.
Download or read book Impact of IFRS Adoption on Financial Statements of Select Indian Companies written by Achalapathi Venkat Kamarajugadda and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this study is to identify the statistically significant differences between the Indian GAAP-based and IFRS-based financial statements of companies in terms of financial statement items through the calculated financial ratios. The analysis is based on the sample of 10 Indian companies that have voluntarily adopted IFRS reporting. Financial statements prepared as per Indian GAAP and IFRS were obtained for a period of 6 years. Financial ratios under the categories, stability, liquidity, profitability and investment valuation were analyzed using the Gray comparability index to analyze the relative effect, the Wilcoxon's signed ranks test, paired sample t-test, F-test and linear regression for testing the statistical significance. Identifying significant differences between Indian GAAP-based and IFRS-based financial ratios, the study showed that IFRS adoption has led to a statistically significant increase in liquidity, profitability and valuation ratios.
