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The unsatisfactory affair of insurance accounting

Article Abstract:

The treatment of equalization reserves in the statutory regime as if they were provisions goes against a true and fair view. Insurance companies' or groups' accounts could not exclude equalization reserves to ensure conformity with generally accepted accounting principles or practice. The Auditing Practices Board advised that auditors would be justified in concluding that accounts show a true and fair review as required by the Companies Act 1985 and in expressing such an opinion, despite the treatment of equalization reserves as if they were provisions. The statutory requirement for equalization reserves was prompted by calls from the UK insurance industry for taxation relief on transfers to equalization reserves relative to general insurance business.

Author: Whewell, Roger
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Accounting and auditing, Reserves (Accounting)

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Is Caparo still good law?

Article Abstract:

The issue of auditors' duty of care to third parties is examined, with focus on legal cases of the late 1990s, such as Caparo.

Author: Howard, Jane
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
Cases, Liability (Law), Legal liability, Duty of care (Law)

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Winds of change blow slow

Article Abstract:

The slow response to initiatives that aim to deal with shortcomings in the audit market is discussed.

Author: Smith, Philip
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
United Kingdom, Legal issues & crime, Product standards, safety, & recalls, Government regulation (cont), Forecasts, trends, outlooks, Government regulation, Legal/Government Regulation, Standards, Conferences, meetings and seminars, Forecasts and trends, Auditing, Market trend/market analysis, Accounting firms, Accounting services, Accounting, Accounting standards

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Subjects list: Laws, regulations and rules, Auditors
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