Financial Analysis

Executive Summary:

IFRS sets the base of the financial corporation. To this section we have pay much attention on the insurance sector. To analyze all of the section of insurance then we find that all insurance companies are not follow the same rules regarding IFRS. Only some sort of Banking sector have to follow the IFRS. All insurance companies follow the IAS standard.

The purpose of the report is to identify the financial condition and implementation of various IFRS system and practices in insurance companies.

Insurance sector plays a pivotal role in the economic development of the country. By providing rich IFRS practices and offering of competitive benefit package,insurance companies in ensuring a working environment where management and employees put combined effort towards the growth of the company and accepts new challenges in a diversified environment. Acknowledgment of success is ensured here to motivate our staff.

Finally recommendation was provided to make the IFRS system more effective and efficient for the organization. If insurance companies follow the IFRS system thoroughly then it will be always in upper hand to retained best employees in the organization in the future.

 International Financial Reporting Standards:

 Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation.

International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework for the Preparation and Presentation of Financial Statements (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting...