MAINTENANCE OF BOOKS OF ACCOUNTS, RECORDS AND DOCUMENTSInternational Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022
MAINTENANCE OF BOOKS OF ACCOUNTS, RECORDS AND DOCUMENTSInternational Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022
Schedule - A - Accounting Principles for Preparation and Presentation of Financial Statements
International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022 Schedules SCH SCHEDULE
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Insurance financial-statement accounting requires prudent investment valuation, impairment recognition, reserve restrictions, and extensive balance-sheet disclosures. IIOs must recognise premium income when due, defer unexpired direct acquisition costs, and determine life-policy liabilities through annual actuarial ... Summary
International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Ins...
International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Ins...
IIOs must recognise premium income when due, defer unexpired direct acquisition costs, and determine life-policy liabilities through annual actuarial valuation supported by disclosed assumptions. Real estate is carried at historical cost subject to periodic revaluation and impairment, while debt securities are held to maturity at amortised historical cost. Listed equity securities and actively traded derivatives are measured at fair value, with unrealised movements recorded in the Fair Value Change Account and recycled on sale. Financial statements must disclose contingent liabilities, actuarial assumptions, encumbrances, commitments, investment valuation matters, Deferred Acquisition Cost effects, statutory investments, investment classification and allocation between policyholders' and shareholders' accounts.
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