Acc 421 full disclosure paper

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Acc 421 full disclosure paper

September 26, Citation: An analysis of disclosure of IAS, related party disclosure of selected insurance company in Bangladesh. Visit for more related articles at Journal of Finance and Marketing Abstract This paper reviews on IAS, Related-Party Disclosure in the context of insurance company in Bangladesh and discusses issues surrounding such disclosure.

This study has also reviewed the annual reports of selected insurance companies and highlights issues of the requirements of regulatory authority for IAS, Related Party Disclosure. The purpose of this study is to identify content analysis using IAS, Related Party Disclosure to understand more about the effect of financial reporting.

Effective financial reporting disclosure of related-party measures the strength of a company. In order to remove the asymmetry of accounting information worldly, this study has been focused on to analyze getting the actual scenario of related party disclosure and benefits of fully application of IAS, Related Party Disclosure for insurance companies.

This study has also found out that the most insurance companies have poor application of IAS- 24, Related-Party Disclosure. With the evidence, this study has tried to present the scenario of related party disclosure in annual report and how to improve such disclosure, IAS- 24, Related- Party Disclosure efficiently.

Introduction Transaction between entities that are considered related parties must be adequately disclosed in financial statements.

Such disclosures have been a common feature of financial reporting, and the most accounting standards-setting bodies have imposed similar mandates Epstein and Jermakowicz Business entity frequently makes transaction through parent, subsidiaries, and associates.

Unavailable information regarding such transaction with related parties parent, subsidiaries, and associates may occur indecision or improper presentation in annual report.

In addition, the information users as well as stakeholders of an entity enable to assess the effect of financial and operating policies which have been taken to control, joint control or significant influence.

While IAS 24, Related-Party Disclosure has been operating for over two decades, it is commonly observed that related party disclosures are not being properly disclosed in all instances. IAS 24, Related Party Disclosures is to be applied in dealing with related parties and transaction between reporting entity and its related parties.

IAS 24, Related-Parties Disclosure is to be employed in determining the existence of related party that may be instructed by its parent and subsidiaries.

Since related-party transactions could have an effect on the financial position and operating result of an entity. Objective of the Study IAS 24 addresses the related party issue and prescribes extensive disclosures. For that reason, extensive disclosure of such transaction is deemed necessary to covey full picture of an entity.

The major objectives of this study are to assess the present status of related party disclosure and practices level of IAS, Related-Party Disclosure in annual report by selected insurance companies in Bangladesh. There have been specified the following objectives: To evaluate the disclosure level of IAS, Related Party Disclosure of insurance company in Bangladesh [ 1 - 5 ], To identify the reason for practicing IAS, Related Party Disclosure in presenting financial report of insurance company, and To formulate some specific suggestions to develop related party disclosure in annual report for this industry.

Literature Review Regulatory guide 76 on Related Party Transactions set out a guidance to promote better disclosure and governance for related party transactions. Independent valuation on related party transaction can help members better understand and make an informed decision about how to vote.

Related party disclosure can also play an important part in maintaining investor confidence in management of an entity. IAS, Related Party disclosure designed for public companies, responsible entities of registered managed investment schemes, experts, public company directors and their professional advisers.

They also examine the measures of RPTs being used in empirical research that analyzed the economic consequences of RPTs information.

They find that the level of RPTs disclosure varies, and the variations are due to the different nature and types of RP transactions. They propose that research on RPTs should apply content analysis using a voluntary disclosure index to understand more about the breadth and depth of the RPTs information.

Zuni Barokah discussed the institutional factors that potentially influence RP disclosures and the extent of IAS 24 adoption in the selected Asia-Pacific countries [ 1 ].

Countries in the Asia-Pacific region provide an important setting to investigate RP disclosures for at least two reasons. First, companies in some Asian countries are commonly characterized by dominant shareholders and familycontrolled ownership. Second, Asia-Pacific countries differ in legal origin, capital market development, enforcement, control for corruption, and corporate governance structures.

While those country factors provide an important setting to investigate the nature and extent of corporate RP disclosures, there is no known empirical evidence on the influence of these country factors on the extent of RP disclosures. This study also highlighted the potential influences of these country factors on the extent of RP disclosures.

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First, legal origin is likely to influence the financial reporting system. Specifically, common-law countries tend to have greater disclosures than civil law countries.

The functions of the Commission as laid down in the SEC Act are to ensure proper issuance of securities, to protect the interests of investors in securities, and to promote the development of, and regulate, the capital and securities market Akhtaruddin Similar Essays.

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Acc 421 full disclosure paper

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