The Accounting Treatments of Insurance Contracts under International Accounting Standard and Discussion of Related Issues
Date Issued
2008
Date
2008
Author(s)
Jui-Kai, Liu
Abstract
Currently, the accounting treatment standards of insurance contracts in Taiwan are regulated and framed by governmental institutions in reference to practical accounting treatments and related codes and regulations. Since, these standards were originally regulations from the U.S.A., often these citations of accounting treatments are more tilted to Accounting Standard Guidance of America, and the foundation of information being expressed may differ from general acknowledged purposes.owever, the future trend of accounting treatment tandards is moving towards the norms of International Accounting Standards (IAS). Thus, a set of generally acknowledged accounting standards accommodating general demands and use must be formed. Furthermore, in accordance with insurance standard guidance, general financial statements are to be adjusted to financial statements to the demand for supervision purposes.he process of setting up the accounting treatments of insurance contracts by International Accounting Standard Committee (IASC) are divided into two stages. First, the boundary of insurance contracts was defined and temporary accounting treatment standards were provided in 2005. Second, the complete norm and assessment standards of insurance contracts were released for discussions in May of 2007. The draft of these standards will be proposed by the end of 2008.he purpose of this research is to compare the different perspectives between the GAPP of American Financial Accounting Standard Committee and the world. In addition, further observations and problems of the proposed draft will be discussed and evaluated. Moreover, this research provides resolutions and methods of related issues regarding the future trend of insurance contracts under the impact of International Accounting Standard in Taiwan.
Subjects
International Accounting Standard
Insurance Contracts
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