DFK Australia New Zealand Limited (DFKANZ)’s Post

In an environment of M&A, Chartered Accountants Australia and New Zealand (CA ANZ) has stated any company looking to acquire an advice firm should be prepared to bear responsibility for any compensation to aggrieved clients without relying on the CSLR. https://lnkd.in/ezyWg8Xz

Research and development problems ......... So the first professional indemnity insurance firm has lost its appetite to insure accountancy firms that farm out their research and development claims to a third party. No questions on the status of the third party just a no. They clearly see risk to the accountancy practice in these tie ups. Commission probably causes further issues. I detect changes coming for accountancy firms insurance ............as a result of hmrc challenging claims to research and development. Moving from an easy environment to a challenging environment other insurers will most likely follow suit why ? Litigation will follow rejected research and development claims as the costs of preparation are stood by the clients. They will look to recover those costs on earlier claims if clawed back from the firm or the accountant. The r and d market will now change as the ability to claim is beginning to be resolved by hmrc so that most future claims will be scrutinised. Litigators will be aware of the market changes. #insurance #researchanddevelopment #claims #hmrc

How to choose an accountant Why find a chartered accountant and not just go to Joe Bloggs down the road, who offers such a cheap service? Joe Bloggs is likely to offer a cheap service because he is unqualified. Yes, anyone can set up an accountancy practice regardless of whether they have specialist experience, technical skills, qualifications, or professional indemnity insurance! That’s a frightening thought when you are putting your finances into someone else’s hands. Would you take medical advice from someone with no qualifications for a serious condition? Low prices usually mean low service levels. You are unlikely to get personal service or the same level of expert advice that could save you far more than your accountancy bill. The adage ‘you get what you pay for’ is never truer than when letting someone advise you on your finances. Accountancy mistakes from an unregulated provider can cost your business a small fortune. If you use an ICAEW Chartered Accountant, in the unlikely event that something goes wrong, you have the comfort of a safety net. All ICAEW Chartered Accountants in public practice must have professional indemnity insurance cover of up to £1.5m Get qualified, regulated support from a Chartered Accountant and relax knowing your finances are in capable hands. If you want to know more about what Maynard Johns can offer, call us now. on 01237 472071 #accountant #chooseaccountant

The Malaysian Accounting Standards Board (MASB) issued MFRS 17 ‘Insurance Contracts’ to replace the identically titled, interim standard, MFRS 4. The new Standard came into effect for reporting periods beginning on or after 1 January 2023. As its title suggests, MFRS 17 addresses the accounting for insurance contract rather than being explicitly aimed at insurance entities. As a result, it applies equally to insurance contracts issued by insurance and non-insurance entities. Our publication below examines the scope of the Standard and considers situations where a contract issued by a non-insurance entity may fall within that scope.

Institute live webinar on Accounting implications of Hong Kong Financial Reporting Standard (HKFRS) 17 – Insurance Contracts for Non-insurers HKFRS 17 Insurance Contracts has become effective since 1 January 2023. While some entities might think that HKFRS 17 does not apply to them because they are not insurance companies, this is not always the case. HKFRS 17 is an accounting standard that applies to insurance contracts as a transaction category, regardless of the types of entities issuing them. Therefore, certain contracts issued by non-insurers may fall within the scope of HKFRS 17. Non-insurers must have an adequate understanding of whether the contracts they issue are within the scope of HKFRS 17 to ensure their financial statements full compliance with HKFRS and avoid audit surprises. The Institute will hold a live webinar (https://lnkd.in/gq_eAhxi) on 25 September to discuss the accounting implications of HKFRS 17 for non-insurers. The speakers will focus on key considerations that non-insurers need to be aware of in determining whether the contracts they issue are subject to the requirements of HKFRS 17.   #hkicpa #hkfrs17 #webinar

EIOPA study explores impact of new accounting standard in insurance after first year of IFRS 17’s implementation https://lnkd.in/dK_88gsS #ifrs17

🔍 Demystifying Insurance Proceeds in Financial Reporting In the unpredictable world of business, insurance serves as a lifeline during crises. But for accountants and auditors, the question remains: when should we recognize expected proceeds from insurance claims? Understanding the nuances of FRS 102 is crucial. It's not just about provisions and contingencies; it's about navigating uncertainty while maintaining financial integrity. Explore insights into handling insurance proceeds and ensuring clarity in financial reporting. #InsuranceAccounting #FinancialReporting #BusinessInsights

🔍 Demystifying Insurance Proceeds in Financial Reporting In the unpredictable world of business, insurance serves as a lifeline during crises. But for accountants and auditors, the question remains: when should we recognize expected proceeds from insurance claims? Understanding the nuances of FRS 102 is crucial. It's not just about provisions and contingencies; it's about navigating uncertainty while maintaining financial integrity. Explore insights into handling insurance proceeds and ensuring clarity in financial reporting. #InsuranceAccounting #FinancialReporting #BusinessInsights

What is Keyman Insurance🔑+👤? Analysing the Impact on the Stock Market and Taxability Keyman insurance, also known as key person insurance, is a policy that businesses take out to cover the life of a key executive or employee. Purpose : To mitigate financial losses and ensure business continuity in the absence of a key person. Impact on Share Price: Recently, the sudden death of a Chairman & MD of a listed company led to an 11% crash in its share price, highlighting how crucial investors perceive the presence of key managerial personnel. However, the deceased's spouse took over the position, underscoring the adage, "The show must go on." (See comments for the company name). The impact of a Keyman insurance policy on a company's share price can vary, with potential effects including: 1. Positive Impact - Increased Confidence: Investors may view the policy as a proactive risk management measure, boosting their confidence in the company's stability and long-term viability. 2. Negative Impact: Perceived Risk: The need for such a policy might highlight the company's dependency on a single individual, raising concerns about business vulnerability if something happens to the key person. Taxation of Keyman Insurance: -Note: The proceeds of this policy do not qualify for exemption under Section 10(10D) of the Income Tax Act. - Premiums: Not deductible as business expenses. - Proceeds: Fully taxable as business income. #KeymanInsurance #Insurance #KMP #Investors #BusinessContinuity #SharePrice #IncomeTax #PGBP #IFOS #Taxability #Finance #RiskManagement #Castudents

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