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1. www.accountingweb.co.uk › tax › business-taxOnlyFans in awkward position over £11m VAT bill - AccountingWEB

   www.accountingweb.co.uk › tax › business-tax

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   Mar 21, 2023 · The OnlyFans platform enables the public to access adult-specific social media content, such as videos, photos or messages placed by creators for a fee, from anywhere in the world. Fenix charges creators 20% of the fee that is paid by users, or “fans” as they are known, in order to access content. OnlyFans essentially acts as an agent for ...

2. www.frc.org.uk › uk-accounting-standards › frs-103FRS 103 Insurance Contracts - FRC (Financial Reporting Council)

   www.frc.org.uk › uk-accounting-standards › frs-103

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   Name. FRS 103 Insurance Contracts (September 2024) Publication date. 10 September 2024. Type. Standard. Notes. The September 2024 edition of FRS 103 incorporates all amendments issued up to September 2024. Some requirements, including those introduced by the Periodic Review 2024 amendments, are not mandatory at the time of publication.

3. assets.ey.com › content › damAccounting for certain life insurance and annuity products

   assets.ey.com › content › dam

   Jul 19, 2023 · The accounting and financial reporting guidance for certain long-duration insurance and annuity contracts is codified in Accounting Standards Codification (ASC) 944, Financial Services — Insurance. Our publication will help you understand the accounting and financial reporting requirements for certain long-duration insurance and annuity ...

4. www.theactuary.com › features › 2019/12/2019VFA: How do your contracts measure up? | The Actuary

   www.theactuary.com › features › 2019/12/2019

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   Dec 5, 2019 · IFRS 17 provides a specific measurement model for insurance contracts with direct participation features, known as the variable fee approach (VFA). This refers to the fact that such contracts are characterised by a variable fee that the entity charges in exchange for investment-related services. The variable fee is treated differently under the ...

5. assets.ey.com › content › damApplying IFRS 17 - EY

   assets.ey.com › content › dam

   Explore the updated IFRS 17 guidance and insights provided by EY to help apply the new insurance contracts standard.

6. viewpoint.pwc.com › dt › us5.2 Measurement – nonparticipating traditional life insurance

   viewpoint.pwc.com › dt › us

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   The year 2 forward rate represents the rate at inception at which a market participant would expect to reinvest at the end of year 1 for a bond maturing in year 2 (i.e., the rate that the market would demand today for a one year bond issued one year from now) to achieve an overall yield equal to the 2-year spot rate over the 2-year period In contrast, the spot rate approach would discount the ...

7. People also ask

   Why is insurance risk transferred by a fixed fee service contract?

   • Insurance risk transferred by the contract arises primarily from the customer’s use of services, rather than from uncertainty over the cost of those services. The Board had proposed originally to exclude fixed fee service contracts whose primary purpose is the provision of services from the scope of IFRS 17.

   Applying IFRS 17 | EY

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   Should non-performance risk be reflected in fulfilment cash flows?

   • The non-performance risk of the insurer must not be reflected in the fulfilment cash flows of the insurance contracts issued (see 9.2). Non-performance risk of the reinsurer should be included in the measurement of the fulfilment cash flows of the reinsurance contracts held (see 11.4.4 below).

   Applying IFRS 17 | EY

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   Is a reinsurance contract carrying amount nil before cash flows occur?

   • The carrying amount of a reinsurance contract held is nil before any cash flows occur or any service is received. Thereafter any difference that arise between the carrying amount of the reinsurance contract held and the underlying insurance contracts are not accounting mismatches, but differences caused by: 362 362 IFRS 17.BC309E.

   Applying IFRS 17 | EY

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   Can reinsurance be accounted for under the variable fee approach?

   • Reinsurance held cannot be accounted for under the variable fee approach even if the underlying direct insurance contracts are accounted for under the variable fee approach (see 11.7 below). modified version of the general model is applied by cedants for reinsurance contracts held.

   Applying IFRS 17 | EY

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   What was the net premium ratio at the end of Year 8?

   • At the end of Year 8, the net premium ratio was 73.30%. At the end of Year 9, Insurance Company reviewed and updated its mortality assumption to reflect the unfavorable experience in that year and an increase in expected mortality in Years 10-20.

   5.2 Measurement – nonparticipating traditional life insurance - Viewpoint

   viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/insurance-contracts/Insurance-Contracts/Chapter-5---Long-duration-contract-liabilities/5_2-Measurement--nonparticipating.html

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   Do discount rates reflect the characteristics of insurance contracts?

   • Discount rates will need to reflect the characteristics of the insurance contracts. Types of insurance contracts vary significantly, so there will be no single discount rate (curve) that will fit the characteristics of all insurance liabilities.

   Applying IFRS 17 | EY

   assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/insurance/ey-apply-ifrs17-updated-june-2021.pdf?download

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8. viewpoint.pwc.com › dt › us2.4 Long-duration contracts – classification and measurement

   viewpoint.pwc.com › dt › us

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   May 31, 2022 · 2.4.1 Traditional long-duration insurance – classification and measurement. These contracts provide a specified, fixed amount of insurance benefit in exchange for a fixed premium, either upfront, for a fixed number of payments, or payable each year the policy is kept in force. Examples include whole-life insurance, guaranteed renewable term ...