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Thread: 04 - Indian Accounting Standard (Ind AS) 104 - Insurance Contracts

  1. #51
    IND-AS
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    Thumbs up Key performance indicators of Indian Accounting Standard 104 - Insurance Contracts

    Key performance indicators of Indian Accounting Standard 104

    Insurance Contracts


    Key performance indicators


    Some insurers present disclosures about what they regard as key performance indicators, such as lapse and renewal rates, total sum insured, average cost per claim, average number of claims per contract, new business volumes, claims ratio, expense ratio and combined ratio. This Standard does not require such disclosures. However, such disclosures might be a useful way for an insurer to explain its financial performance during the period and to give an insight into the risks arising from insurance contracts.



  2. #52
    IND-AS
    Guest

    Thumbs up Appendix - 1 of Indian Accounting Standard 104 - Insurance Contracts

    Appendix - 1 of Indian Accounting Standard 104

    Insurance Contracts


    Appendix - 1

    Note: This appendix is not a part of the Indian Accounting Standard. The purpose of this Appendix is only to bring out the differences between Indian Accounting Standard (Ind AS) 104 and the corresponding International Financial Reporting Standard (IFRS) 4, Insurance Contracts issued by the International Accounting Standards Board:

    Comparison with IFRS 4, Insurance Contracts

    1. Different terminology is used, to make it consistent with existing laws e.g., term ‘balance sheet’ is used instead of ‘Statement of financial position’ and ‘Statement of profit and loss’ is used instead of ‘ Statement of comprehensive income’.

    2. The transitional provisions given in IFRS 4 have not been given in Ind AS 104, since all transitional provisions related to Ind ASs, wherever considered appropriate have been included in Ind AS 101, First-time Adoption of Indian Accounting Standards corresponding to IFRS1, First-time Adoption of International Financial Reporting Standards .

    3. Paragraphs 39(b), IG 44, IG 49, IG 50, IG 54, IG 63 and IG 65 have been deleted in IFRS 4 by IASB. However, paragraph numbers have be en retained in Ind AS 104 to maintain consistency with IFRS 4.


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