Some aspects of the adoption of IFRS-4 (insurance contract) by insurance companies in Bahrain: an exploratory study
by P.L. Joshi; Kousay Said
International Journal of Managerial and Financial Accounting (IJMFA), Vol. 4, No. 2, 2012

Abstract: Using a questionnaire method on a small sample size of insurance companies that claim to have been applying IFRS-4 in Bahrain, this study examines to what extent these companies have been applying the provisions of the standard. The study covers the views of the insurance companies on the relevance and usefulness, understanding and knowledge of accounting requirements, and their disclosure practises. The study reports that large-size companies (based on the number of clients) apply a liability adequacy test (LAT) to a larger extent. Deferment of acquisition costs and amortising it over the life of the contract is a common practise. Listed insurance companies, and also those that are audited by BIG4 audit firms, have higher tendency to disclose more information with respect to risk-related disclosures and disclosure of accounting policies. For enhancing transparency and comparability, insurance companies in Bahrain should improve their compliance practises as phase 2 accounting requirements will be more challenging.

Online publication date: Sat, 16-Aug-2014

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