Truth or Dare?
- Topics:
- Line of Business Reporting
- Tags:
- Business Operations,
- Corporate Insurance,
- Finance,
- Financial Accounting,
- Financial Planning,
- Financial Statements,
- Insurance,
- KPMG International
- Source:
- KPMG International
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Overview: While the development of an International Financial Reporting Standard on the recognition and measurement of assets and liabilities from insurance contracts is still under discussion, there is no debate on the need for greater transparency and comparability. This can be achieved by providing information for an interim period in the notes to the financial statements. Joachim Kölschbach, in the Cologne office of KPMG’s member firm in Germany, says that in order to understand a company’s risk profile, it is important that risk procedures are in place to ensure such risk exposures are disclosed. If the regulators’ and standard setters’ requirements are achieved, a restatement of risk information for regulatory purposes should be avoided.
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Format: HTML | Size: 161KB | Date: Jan 2003 | Pages: 2
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