International Compatibility in Accounting Treatments for Insurance Contracts by the International Financial Reporting Standard (17)
DOI:
https://doi.org/10.31272/jae.i148.1427Keywords:
Accounting compatibility, IFRS 17,, insurance contracts, insurance and reinsurance companies,, accounting treatments.Abstract
This research addresses the international project of the International Accounting Standards Board in accounting harmonisation regarding the accounting treatments for insurance contracts. The practical aspect was represented in examining the accounting framework for adopting the modern standard in the National Insurance Company, based on applying the measurement methodology (the mandatory building blocks) and the allocation of premiums. Optional) on the final accounts, management reports, and company insurance contract information. The researchers reached several conclusions, perhaps the most prominent of which is that the unified accounting system for the National Insurance Company does not achieve accounting compatibility with international standards. The researchers recommended some of the most critical recommendations: The insurance company bases the accounting treatments for the insurance contract on the International Financial Reporting Standard (17).
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