Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.
“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.
“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
This presentation is an overview of SA 320 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
The presentation is an effort towards better understanding of the IAS-37, through the use of proper headings, bullets, key points and graphics where needed.
This presentation is an overview of SA 320 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
The presentation is an effort towards better understanding of the IAS-37, through the use of proper headings, bullets, key points and graphics where needed.
Accounting services overview of insurance contract under ifrsAhmedTalaat127
The majority of accounting services in Dubai and UAE ignore insurance accounting because they are not in the insurance business. Now that there will be a new accounting standard related to insurance contracts, chartered accountants should check to make sure they aren’t erroneously issuing them.
Covid 19 small business insurance program proposalJasonSchupp1
Many small businesses have and will be ordered to shut down some or all of their business activities as a key element of the national effort to stifle the spread of COVID-19. This is a tremendous sacrifice we ask of these business owners and their employees. They face the potentially ruinous loss of income and continuing expenses from a lockdown that benefits us all.
Insurance usually plays a key role in spreading the losses of those impacted by a catastrophe. In this case, it is highly unlikely insurance coverage will be available to small business forced to suspend operations because of a government lockdown order.
The attached proposal seeks to leverage the insurance industry’s catastrophe response capabilities through a fully voluntary program to quickly deliver replacement funds to affected small businesses. With these funds, our small business could continue making payroll and sustaining the future of their businesses until this time of crisis has passed.
1. Based on the project timelines, how would you anticipate develo.docxmonicafrancis71118
1. Based on the project timelines, how would you anticipate developing and transacting SSH’s immediate and longer-term insurance requirements?
The long-term insurance requirements will be addressed through a strategy that is mutually agreed upon with Dar SSH. We have suggested several proposals and recommendations for your insurance program as more detailed in our answer to question 6 of the proposal questionnaire. Preliminary discussions including the RFI presentation on 25th November will align both of us (Gulf Insurance as insurance provider and Dar SSH as partner) on objectives, timeline and process. The discussions should include input from stakeholders within Dar SSH such as regional offices and projects teams as on what are their expectations from the insurance and how they can contribute to effective and efficient insurance solution.
The preliminary discussions will lead to the following:
A. Development of requirements
B. Development of KPIs
C. Internal Information gathering
D. Approaching the insurance market for offering
It is difficult to set a time frame of the above exercise because it will depend on how sophisticated the ultimate strategy and based on internal dynamics within Dar SSH.
While discussions take place internally on the long-term insurance requirements, we believe the immediate requirements can be met through the current procedure, ad-hoc renewal of existing policies. The objective in the immediate/short term will be to ensure coverage continues without interruption so that exposure has protection to a good degree. The requirements 3-8 in Appendix Two will be critical in this stage. Requirement 2 can be met partially through tendering process, which is discussed in more details in following sections.
We propose the following measures to improve the process of achieving the immediate insurance requirements:
· Tabulate all 79 policies within your Appendix 3 by expiry date.
· Start the renewal exercise two months prior to expiry.
· Obtain internal feedback about current policy on the following aspects:
· Claims experience
· What is outstanding, how long and why
· What was not covered and why
· How long the paid claims took time and what was the average time of resolution?
· Survey on insurer handling of the claims
· Financial reconciliations
· Any claims agreed but not paid
· Any outstanding premiums
· What is the aging analysis of outstanding premiums
· Assess the renewal offer of incumbent insurer based on claims experience
There are requirements that are associated with long-term strategy such as 1, 9, 10 and 12. These requirements will be implemented at that stage.
We are prepared and delighted to support you on requirements 11 and 15 with immediate effect as follows:
· Requirement 11:
By end of January, we shall provide you with market update following the results of treaty renewals on 1st January. This is a milestone that insurance markets follow closely since it represents the general momentum of the m.
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A presentation on Property, Plant & Equipment (PPE)-IAS 16, Prepared by a few students of Dept. of Accounting & Info. Systems, Jahangirnagar University, Savar, Dhaka
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
4. ◦ IFRS 4 was issued as part of the IASB’s Insurance Project as
an interim standard in response to an urgent need for
improved disclosure and accounting for insurance contracts
ahead of the 2005 European adoption of IFRS.
◦ A second phase of this project is now underway with a view
to producing a final standard to replace IFRS 4
5. Consistent with IASB Framework
Consistent with principles in current standards (unless good
reason to depart)
Creation of global standard for insurance contracts improving
comparability and transparency
6. A contract under which one party (the insurer) accepts significant
insurance risk from another party (the policyholder) by agreeing
to compensate the policyholder if a specified uncertain future
event (the insured event) adversely affects the policyholder
7. The following are examples of contracts that are
insurance contracts, if the transfer of insurance risk is
significant
◦ insurance against theft or damage to property
◦ insurance against product liability, professional liability,
civil liability or legal expenses
◦ life insurance and prepaid funeral plans
◦ life-contingent annuities and pensions
◦ Surety Bonds, Fidelity Bonds, Performance Bonds and Bid
Bonds
8. ◦ Disability and medical cover
◦ Product Warranties. Product warranties issued by another
party for goods sold by a manufacturer, dealer or retailer are
within the scope of this IFRS.
◦ Reinsurance contracts
9. IFRS 4 does not apply to the following insurance contracts:
Product warranties issued directly by a manufacturer, dealer or
retailer
employers’ assets and liabilities under employee benefit plans
retirement benefit obligations reported by defined benefit
retirement plans
contractual rights or contractual obligations that are contingent
on the future use of, or right to use, a non-financial item, as
well as a lessee’s residual value guarantee embedded in a
finance lease
10. financial guarantee contracts unless the issuer has previously
asserted explicitly that it regards such contracts as insurance
contracts and has used accounting applicable to insurance
contracts
contingent consideration payable or receivable in a business
combination
direct insurance contracts that the entity holds
11. The final project from the convergence era is to introduce a
new accounting Standard for insurance contracts.
As the accounting for insurance contracts is the reverse of
many other forms of accounting, because cash is received in
advance of the service being delivered.
12. The old IASs inherited by the IASB provided no answer to
the challenges of the insurance sector. That is why when the
IASB began its work it introduced IFRS 4 Insurance
Contracts as a stopgap measure while it completed a more
fundamental reform of insurance accounting.
This project was finalized in 2015 and we are working in
close co-operation with the insurance sector to bring much-
needed transparency to the plethora of accounting practices
used throughout the industry
13. IFRS 4 has two main principles for disclosure which require
an insurer to disclose:
Information that identifies and explains the amounts in its
financial statements arising from insurance contracts.
Information that enables users of its financial statements to
evaluate the nature and extent of risks arising from insurance
contracts.
15. Insurance Risk
◦ Death
◦ Illness
◦ Disability
◦ loss of property due to damage or theft
◦ failure to debtor to make payment when due
16. ◦ The risk of potential future change in one or more of:
Interest rates
Financial instrument price
Commodity price or rate
Credit rating or credit indices
Any other variable, except for non-financial variable that
specific to a party to the contract
17. ◦ Insurance risk is significant if, and only if, an insured event
could cause the issuer to pay amounts that are significant in
any single scenario.
18.
19. IAS 24 covers those parties which are related and details a
number of exclusions.
Parties are related if one party can control or exercise
significant influence over the other.
Disclosure is required for:
◦ Upwards and downwards control relationships
◦ Details of the transactions
21. Sales and purchases of good and services
Balances arising as a result at the Balance Sheet date
Loans, commitments and contingencies
Transactions with directors
Agency arrangements
Share capital transactions
22. two entities simply because they have a director or other
member of key management personnel in common;
two venturers simply because they share joint control over a
joint venture;
providers of finance, trade unions, public utilities, government
departments and agencies simply by virtue of their normal
dealings with the entity;
customers, suppliers, franchisors, distributors, agents with
whom an entity transacts a significant volume of business,
merely by virtue of the resulting economic dependence
23. Company A acquires 25% of Company B, regular supplier, on 1/9/2016
for which it equity accounts.
During the year ended 31/12/2016 Company B makes sales to A of
2,000. The total sales till 1/9/2016 were 1,100.
The companies are related from 1/9/2016 and 900 should be disclosed
as a related party transaction.
25. Nature of the relationships
Types of transaction
Volume and value of the transaction
Pricing policies
Balances at year end
26. In our presentation, we have tried to include
the very basic items of IFRS 4 and IAS 24. We
think that with our objectives to provide basic
information is fulfilled.