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Insurance Financial Reporting Information Disclosure

Author: YaoYu
Tutor: ZhuoZhi；CaiChun
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Financial report Information Disclosure China's insurance industry Research China's insurance sector Information users Financial information Financial Statements Insurance Accounting Standards With statutory accounting principles
CLC: F842
Type: Master's thesis
Year: 2000
Downloads: 324
Quote: 4
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Abstract

Financial reporting as corporate investors, creditors and other stakeholders in economic decision-making required primary source of information, the disclosure of information must meet certain specifications and requirements. Financial Reporting to the information users should truly reflect the financial position, results of operations and other relevant aspects of economic information. Generally speaking, the financial statements should target the decision usefulness taking into account the fiduciary duties, to provide relevant, reliable and comparable economic information. Compared with other economic and business activities, insurance risk randomness, the inherent characteristics of the cost of the future, responsibility continuity, further decided that the special nature of the insurance industry accounting and insurance industry financial reporting information disclosure. The difference between the true and fair based on generally accepted accounting principles and solvency as the center of the focus of the statutory accounting standards and requirements, the insurance industry financial information disclosure report under the two accounting standards differ. This thesis by analyzing and comparing and research both the purpose of accounting standards on financial reporting information disclosure requirements and disclosure requirements of the users of financial reporting information, learn from international practices disclosed in the financial reporting information for China's insurance information disclosure of industry financial reports present situation of China's insurance industry financial reporting information disclosure and disclosure of the proposed model improvements. The full text is composed of five parts. Part I: General requirements for financial reporting information disclosed. Traditional financial reporting information disclosed by the financial statements, Statements and other financial reporting, the financial statements is the main channel of the traditional information disclosure. National financial accounting standards on financial reporting of information disclosure quality and information disclosure mode have certain requirements. In general, the financial reporting of financial information provided should be consistent with the understandability, relevance, reliability and comparability of the four major quality requirements. But with the development of modern technology, the traditional accounting system is a serious challenge to the center of the financial statements information disclosure model can not satisfy the requirements of the modern information society, the financial reporting system needs to be improved. Part II: the special requirements of the insurance industry financial reporting information disclosure. Compared with the normal production and business activities, the insurance industry has its unique nature of the business, which determines the accounting system of the insurance industry, the financial report of the Insurance Information disclosure and general corporate different. On the one hand, the insurance industry has a risk of randomness, the basic characteristics of the future costs and responsibilities of continuity, resulting in information disclosure with a certain degree of inaccuracy; On the other hand, since the insurance lt; WP = gt; company business and accounting data are based on a group basis, and thus with general business, classified information is difficult to obtain. Because of this, many national regulations on information disclosure exemption. According to international practice, insurance accounting standards can be divided into two types: the insurance generally accepted accounting principles (GAAP) and insurance statutory accounting principles (SAP). The former aims to ensure that insurance companies in information disclosure quality, that is true and fair view of the results of operations and financial position of the balance sheet date the insurance companies accounting period, so that investors such as insurance companies, external users of financial information, general creditors, insurance peers, government agencies and other public provide useful information for economic decision-making; latter mainly serve the Insurance Regulatory authorities to ensure that the interests of the major creditors of the insurance company (policy holder) and evaluation of insurance companies reimburse the need for capacity. The two purposes of accounting standards there are differences in the basis of accounting, accounting principles to determine the two accounting standards, financial reporting, information disclosure is also different. Part III: Insurance Financial Reporting disclosure of information supply and demand analysis. On the one hand, the information needs of information supply have a decisive role, but this role played by the various constraints: first information whether the user groups to really form; followed did not establish an effective information needs reflect the mechanism; third information The demand side of the balance of power. Information supply, on the other hand, does not simply meet the information needs, information supply and demand for information is counterproductive. On the one hand, the financial information needs of the insurance industry has a diversity of different users for different purposes, different needs over financial reporting information the disclosure of which would; On the other hand, is different from the relationship between supply and demand, the insurance company as information providers usually have more complete information, thereby becoming the natural monopoly of the information. Thus, from the point of view of the protection of information users in the development of regulations should take full account of the different requirements of different users of financial information, information disclosure regulate the insurance industry financial reports. Part IV: investigation of the disclosure of information in the financial reports of foreign insurance industry. Four major insurance industry in the United Kingdom, the United States, Germany and Japan and developed countries, this chapter is selected as the study object, its insurance accounting standards on financial reporting information disclosure requirements in order to put forward suggestions for improvement of China's insurance industry financial reporting information disclosure compared, and select individual life insurance company's financial reporting in these countries, examine the specific content of the information disclosure. The results of this comparative analysis concluded that: (1) financial statements is still the main form of modern financial reporting information disclosure. However, due to the increasing complexity of economic matters, the financial statements of the Bureau of Information Disclosure lt; WP = gt; limited more and more obvious, relying solely on the financial statements to understand the financial information is not enough, the financial statements Notes to the role of disclosure of information getting stronger. (2) Financial Reporting characteristics of the service for the user to reveal more and more obvious, the leading role of the users of financial reporting in the inspection of several insurance industry developed countries is growing. (3) other financial information disclosure increased significantly. On the one hand, the information needs of the users, authorities, on the other hand, by means of rendering the company's performance in other financial information, promote the company's products, and establish the company's image in order to obtain a good impression of investors and other users of information. Part V: suggestions for improvement of financial reporting information disclosure in China's insurance industry. Financial accounting system since the early 1980s recovery and development of China's insurance industry, the insurance industry in China after the reform and development of the three stages, it should be said that the financial reporting system has been improving, more and more full disclosure of information. With the insurance industry in developed countries, China's insurance industry financial reporting disclosure of information has yet to be further improved. The one hand, it should be finished on the mode and content of information disclosure in the financial report of the insurance industry?

Insurance Financial Reporting Information Disclosure

Abstract

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