The Insurance (Amendment) Bill 2011: Portfolio Insurance Companies
This article summarises the main points of the Insurance (Amendment) Bill 2011. This Bill, currently a consultation draft seeks to amend the Insurance Law, 2010 to permit the registration of Portfolio Insurance Companies; and to provide for incidental and connected purposes.
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Exposure Draft for IFRS Investment Companies
For the first time the International Accounting Standards Board has proposed industry specific guidance for investment entities. Under US Generally Accepted Accounting Principles similar guidance has existed for some time and is currently documented in Accounting Standards Codification 946 Financial Services-Investment Companies.
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Fund Companies, Cayman Islands vs. Singapore
With the current economic environment still heavily focused on regulation, PKF (Cayman) Ltd and PKF-CAP LLP in Singapore have prepared this summary comparison of the fund regulations in two of the major global jurisdictions. Funds are defined in the Cayman Islands regulations as mutual funds and the Singapore regulations as collective investment schemes.
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Accounting Evolution for Investment Companies
Although there has been significant progress since the Memorandum of Understanding (MoU) was developed between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in 2002, there are still differences between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) [Accounting Standards Codifications (ASC)].
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Cayman Captive Article 2011
As the International Accounting Standards Board develops its reporting requirements, PKF’s Ben Leung and Rennie Khan examine the evolving International Financial Reporting Standard 9 and its application for insurance entities.
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Business Spotlight
PKF Cayman, one of the premier accounting and business advisory firms in the Cayman Islands, has enjoyed strong growth since its inception in October 2007. The firm serves many clients that require global support for audit, tax and consulting services. In particular, the firm has a wealth of experience auditing offshore vehicles – in particular hedge funds and captive insurance companies – and is committed to providing clients with a responsive, knowledgeable and professional service. Delivery of this commitment has helped the firm achieve significant growth in Grand Cayman.
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