Important Points for IC 26 - Life Insurance Finance Exam
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The insurers are required to deduct the preliminary expenses from the paid up equity share capital as indicated in Schedule 5 of the Regulations
The expression
Any debit balance of the Profit and Loss Account shall be shown as deduction from uncommitted reserves and the balance, if any, shall be shown separately.
The main purpose of the management report is to assure the readers of the financial statements about the business and financial prudence observed by the management while carrying out the business of the insurance company.
The auditors will be verifying cash on hand as at close of the accounting year.
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