oa Meditari : Research Journal of the School of Accounting Sciences - Financial reporting by South African long-term insurers : a comparative study
|Article Title||Financial reporting by South African long-term insurers : a comparative study|
|© Publisher:||University of Pretoria|
|Journal||Meditari : Research Journal of the School of Accounting Sciences|
|Author||S.P.J. Von Wielligh and J.P. Van den Berg|
|Publication Date||Jan 2005|
|Pages||67 - 86|
|Keyword(s)||AC 121, Checklist, Comparability, Comparative study, Financial reporting, IFRS 4, Life fund, Long-term insurance, Long-term insurers, Long-term rate of return, New business and Profit entitlement policies|
The objective of this study was to identify the impact of a perceived inadequacy of authoritative South African financial reporting guidance for long-term insurers, on the basic financial statement characteristic of comparability. The authors attempted to identify areas of non-comparable presentation and disclosure and to suggest relevant guidance.
To assess comparability, the financial statements of five insurers were evaluated using a checklist specifically developed for this study. This process identified seven main categories of significant non-comparable presentation and disclosure practices. Solutions were proposed for these areas, based inter alia on existing international literature and guidance.
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