Peculiarities of Financial Accounting and Reporting in Insurance Companies

This Master Thesis discusses topics such as financial accounting of insurance contracts . All the mentioned aspects are presented based on LTD ‘Global Benefit Georgia” financial accounting analysis.
In the beginning of the thesis, there is a short report about bases and development of Georgia’s insurance field. Also, it reviews the rights and liabilities of supervisory insurance issues in Georgia.
Besides this, in the first part of this thesis, based on the 4th standard of financial accounting theoretical aspects of insurance contracts is examined. Specifically, it discusses objects of insurance and forms, participants of the insurance contracts and basic features of the insurance contracts and detaching depositional component, devaluation of reinsurance assets and conducting the liability adequacy test (LAT).
In addition to this, the thesis represents the aspects of international financial accounting standard 17, which will come into force in 2023 January 1st.
The second part of the thesis concerns LTD “Global Benefits Georgia’s” financial account analysis. The main focuses are conducted on practical sides of insurance works, how the LTD Global Benefits Georgia reflects the performed operations of basis of accounting financial accounts in particular.
The thesis gives detailed information about delayed revenues, RBNS and IBNR, features of accumulated bonuses and presented loss.