Chapter 7 v.2 Flashcards
What two sets of rules can you use for accounting
IFRS or UKGAAP
If you are a quoted company, what accounting rules do you have to use
IFRS
If you want to be quoted and use UKGAAP rules what happens
have to change to IFRS
where do IFRS apply
International
Why would you use IFRS
Quoted company or because you have international subsidaries
Why would you use IFRS
Quoted company or because you have international subsidiaries
Where do UK GAAP apply
UK only
With IFRS what two things as an insurer must you do
Claims Development Tables
Follow IFRS 4 guidelines
What are claims development tables
Look back over 10 years at how a book has run and how long its took before a claim was finalised. Tool used by Actuaries.
What are the accounting guidelines for IFRS for Insurers
IFRS 4
If you are an insurer on UK GAAP what two sets of rules do you need to follow
102 (general rules - applies to ALL firms) and 103 (for insurers only)
If you are not a micro company what UK GAAP rules do you HAVE to do
102
Which of the following does a UK insurer have to complete when following UK GAAP
102 and 103
What are the insurance rules for UK GAAP
103 only.
Who use UK GAAP 105
micro entities - doesn’t have to be audited
Can you be a micro entity insurer?
No
Who is the accounting regular
Financial reporting council and Financial reporting review panel
Who is the day to day regulator
Financial reporting council - they set UK GAAP rules
What three A’s do the Financial Reporting Council look at
Accounting, Auditing, Actuarial
Who do the Financial reporting council monitor
All accounts -large and small
Who do the Financial reporting review panel review
Very large UK companies
