MANAGEMENT

Detailed explanation-1: -on Jan 1, 2023. MFRS 17 sets out the principles for the recognition, measurement, presentation and disclosures of insurance contracts while improving comparability and trans-parency. It fundamentally changes the way in which insurers measure and account for insurance contracts.

Detailed explanation-2: -Under the fixed percentage method, the unearned premium reserve is computed by applying a specific percentage to the premiums less reinsurance premiums ceded.

Detailed explanation-3: -The Financial Reporting Framework in Malaysia very simply, works like this – registered companies in Malaysia are all required to prepare statutory financial statements. And the financial reporting framework serves as a guideline to ensure each criterion that is needed is being fulfilled.

Detailed explanation-4: -An accounting standard is a set of practices and policies used to systematize bookkeeping and other accounting functions across firms and over time. Accounting standards apply to the full breadth of an entity’s financial picture, including assets, liabilities, revenue, expenses, and shareholders’ equity.