On 16 December 2014, the Polish Insurance Association in collaboration with KPMG organised an accounting seminar entitled: “The closing of accounting ledgers according to Polish and international accounting standards”.
During the seminar, speakers from KPMG discussed accounting issues of combining the companies,
including these referring to the method of acquisition and settlement within the consolidation and the allocation of the acquisition price. Financial matters on the moment of revenue recognition, write-off of receivables, impairment of unquoted instruments and IFRS 4 Phase 2 and IFRS 9 were also discussed. Actuarial issues concerning the impact of compensations on the insurance companies finances, valuations of liabilities connected with pension damages and FLAOR report were discussed in the further part of the seminar. Tax aspects of the immediate liquidation of damages, as well as the moment of recognition for tax purposes of acquisition costs and income from reinsurance commissions were discussed at the end of the seminar.
The seminar was attended by more than 180 employees of insurance companies, representatives of the Ministry of Finance, of the Office of Polish Financial Supervision Authority, as well as academics and representatives of the media.