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Determinantes da defasagem na divulgação das demonstrações contábeis das companhias abertas brasileiras = Determinants of disclosure timing for financial statements of Brazilian public companies; Determinants of disclosure timing for financial statements of Brazilian public companies

Kirch, Guilherme; Terra, Paulo Renato Soares; Lima, João Batista Nast de
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Artigo de Revista Científica Formato: application/pdf
POR
Relevância na Pesquisa
76.32%
Este trabalho investiga os fatores determinantes da defasagem na divulgação das demonstrações contábeis, trimestrais e anuais, das companhias brasileiras cujas ações compuseram o Índice da Bolsa de Valores de São Paulo (IBOVESPA) no período 1997/1-2009/2. Os fatores determinantes foram agrupados em quatro dimensões: complexidade das operações, características de governança corporativa, nível de assimetria informacional, e custos proprietários e conteúdo dos demonstrativos. Com uma amostra final de 83 companhias (1585 observações), foram examinados, por meio de métodos de dados em painel, os efeitos de 13 variáveis explicativas, tais como alavancagem de controle, tamanho da companhia, nível de governança corporativa, propriedade institucional, consolidação das demonstrações, volatilidade e prejuízo, sobre a defasagem na divulgação das demonstrações contábeis. Os principais resultados encontrados sugerem que a divulgação de demonstrativos consolidados e/ou que reportam prejuízos impacta positivamente a defasagem esperada, corroborando as hipóteses de que a maior complexidade das operações e o conteúdo dos demonstrativos (nesse caso, “más notícias”) afetam positivamente a defasagem na divulgação. A variável alavancagem de controle...

India : Synthesis Study of Public Financial Management and Accountability in Urban Local Bodies

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.42%
This study assesses the current state of Public Financial Management and Accountability (PFMA) systems in Indian urban local bodies. It identifies, analyzes, and documents good practices, focusing on their existing context, success factors, and replicability. It is important to mention that urban governance in India is a state subject and there are vast differences in the levels of reform that have achieved in different states. For the purpose of comparison, this study has developed good practice benchmarks in each PFMA area and used those to compare practices across Urban Local body (ULB)s. The study analyzes linkages between the legislative, budgeting, implementation, reporting, and oversight process in urban local bodies. Benchmarks and indicators have been developed for each strategic area. Analysis of policy, practice, and progress in each strategic area has also been conducted. This study synthesizes existing literature on PFMA in urban local bodies, identifies key PFMA areas where focused attention was required...

IFC Annual Report 2005 : Investing in Progress with Experience, Innovation, and Partnership, Volume 2. Financial Statements, Projects, Portfolio, and Organizational Information

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
66.4%
The International Finance Corporation is at the forefront of private sector development: it is redefining how poverty can be reduced and lives improved through a stronger private sector in emerging markets. Accomplishing this goal means reaching people, regions, and sectors that have not yet shared in the overall growth of emerging markets. It means innovation-forging new partnerships with governments and other multilateral institutions, identifying new roles for the private sector, creating products that develop financial markets, and making it easier for disadvantaged people to launch a business or own a home. It means building on significant strengths in many countries and industries-helping established enterprises become more competitive and sustainable as they expand their operations or extend their reach into new markets. It also means bringing to developing economies proven products and techniques, both from industrialized countries and, increasingly, from other developing countries. Above all, it means tailoring global expertise to local needs. This annual report outlines the strategic objectives of the institution in expanding access to finance...

Botswana - Accrual Accounting Policy Note and Guide

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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56.45%
This paper comprises two volumes: volume one, this concise policy and guidance note that deals with the request as outlined, and a volume two which provides more detailed technical guidance on the implementation of International Public Sector accounting Standards (IPSAS) accrual based standards. Recommended reforms directly relevant to this paper include: 1) fiscal reforms on both the revenue and expenditure sides to limit fiscal deficits and ensure a return to a sustainable medium term fiscal path; and 2) transforming the current planning and budget system which falls short in meeting the usual measures of budget effectiveness by, for example, moving towards government-wide medium term fiscal and expenditure frameworks and a program budget in the medium term, in tandem with public sector reform and the necessary changes to the Public Financial Management (PFM) legal framework and the government accounting system. Accrual accounting is a methodology under which transactions and other events are accounted for when they occur...

Government of Republic of South Sudan Public Finance Management Assessment : Unity State

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
66.42%
The purpose of the public finance management assessment of South Sudan s Unity State is to assess the Public Finance Management (PFM) system performance of the state government using the Public Expenditure and Financial Accountability (PEFA) framework. The execution of the assessment was limited due to prevailing security issues in the state at the time of the assessment. The assessment team after analysis of the information available to them arrived at the following observations: 1) the budget is prepared with due regard to state government policy, which is consistent with the Government of the Republic of South Sudan (GRSS) framework; 2) an electronic payroll system was established during 2010; 3) an integrated financial management information system has been established; 4) legislative oversight has been strengthened, and 5) government-donor interaction has been strengthened. However, the assessment team also deduced that certain challenges are also to be addressed: i) meaningful budget performance reports are still not being produced...

Efectos de la reforma contable en los estados financieros consolidados de los grupos españoles que no aplican normativa NIIF al 1 de enero de 2008 y 2010; Effect of changes in accounting policies and criteria on consolidated financial statements among Spanish groups that did not apply the IFRS at 1 january 2008 and 2010

Legaz Ortiz, Javier
Fonte: Universidade de Cantabria Publicador: Universidade de Cantabria
Tipo: Tese de Doutorado
SPA
Relevância na Pesquisa
66.21%
RESUMEN: En este trabajo se analiza el efecto de los cambios en las políticas y criterios contables sobre los estados financieros consolidados y sus ratios de gestión, a 1 de enero de 2008, de los grupos españoles no cotizados que no aplicaron las NIIF como consecuencia de la adaptación de la nueva normativa contable (PGC 2007). Con este objetivo, se examinaron las cuentas anuales consolidadas de los 100 mayores grupos españoles. Los resultados obtenidos ofrecen evidencia sobre la existencia de impactos significativos en la mayoría de las variables analizadas. Asimismo, el tamaño de los grupos no fue un factor diferenciador en los resultados, sin embargo, su sector de actividad si lo fue, en particular, el inmobiliario. Por consiguiente, el hecho de que el legislador permitiera no presentar información comparativa, opción aplicada mayoritariamente, puede considerarse una decisión que ha perjudicado a sus usuarios. Este mismo estudio se ha replicado al analizar, a 1 de enero de 2010, los efectos de la introducción de las nuevas Normas de Formulación de Cuentas Anuales Consolidadas, obteniendo impactos no significativos en la mayoría de las variables analizadas; ABSTRACT: This paper analyses the effect of changes in accounting policies and criteria on consolidated financial statements and management ratios...

Republic of Lebanon : Country Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Financial Accountability Assessment; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.43%
This CFAA aims to propose pragmatic and feasible solutions to problem areas in the current environment. The recommendations are presented in Appendix 8 to this report, and the key recommendations that are designed to address the areas of greatest fiduciary risk for the Government are summarized in this Executive Summary. These key recommendations are designed to assist the Government in improving the Lebanese public financial management system and provide the foundation to all the donors to move towards greater use of the country system. One of the CFAA's overall themes is that the Government must continue to work to develop a unified budget framework that enables proper management of the finances of the Government, in collaboration with the Bank and the IMF. This would assist the Government to better control public sector debt, revenues and expenditures, maintain its social safety nets, and improve its financial relations with the public utilities. The current budget framework is not unified for the entire public sector; many of its financial activities are still not transparent to the Government itself, to Parliament or to the public. These include transactions of extra-budgetary funds and entities, loans to selected public autonomous agencies that are converted to expenditure at the end of the financial year and unutilized investment authority that is carried forward without additional parliamentary disclosure or for review of actual performance against the budget plans. There is also no formal audit opinion by the Court of Accounts on the fairness of the Government's annual financial report. The CFAA report makes a number of recommendations to address these practices.

Georgia - Public Expenditure and Financial Accountability (PEFA) : Joint World Bank-European Commission Public Financial Management Assessment, Programmatic Public Finance Policy Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.45%
This Public Expenditure and Financial Accountability (PEFA) assessment provides an updated and systematic diagnostic of the Public Financial Management (PFM) system in Georgia and provides mid-2007 as a base line for complementing the Government's efforts to monitor progress in the PFM reforms going forward. This summary presents: (i) an assessment of Georgia's PFM performance in applying the PEFA Performance Measurement Framework structured across six dimensions; (ii) an assessment of the impact of PFM weaknesses; and (iii) an assessment of the institutional framework underpinning the prospects for PFM reform. There are, however, areas in the existing internal and external control system, personnel and payroll, public procurement, and reporting of high quality consolidated financial statements that are in need of continued reform to further enhance the effectiveness of the PFM. It is envisaged that this assessment will contribute to the government reform agenda by highlighting the areas in which reform has succeeded and those in which weaknesses remain. The assessment will also serve the donor community in directing its assistance programs in those areas of public financial management where the Government's PFM strategy can be further strengthened.

Georgia : Public Expenditure and Financial Accountability Assessment 2012

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.44%
Georgia has advanced significantly its budgetary and financial managements systems since the previous PEFA assessment Report of 2008. The basic set of systems has been put in place for strategic budget planning, budget formulation and execution. The integrated public financial management system is being implemented and according to the Ministry of Finance (MoF), several key modules are already in place. These include treasury operations, spending institutions, budget preparation, payroll and external and internal debt management modules introduced by the MoF financial analytical service in January 2012. The full launch of the system is expected by the end of 2013. The introduction of international good practice in the budget cycle of the Government is well advanced, including robust systems for budget preparation, adequate chart of accounts, reliable execution (including accounting and reporting,) and sufficient controls. Important progress has been achieved on the front of program-based budgeting, furthering the Government's objective of greater results-focus in fiscal planning. The concept of program-based budgeting was adopted in the 2009 budget code...

The World Bank Annual Report 2000; Volume 2. Financial Statements and Appendixes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
56.44%
This annual report, which covers the period from July 1, 1999 to June 30, 2000, spells out the guiding principles of the Bank's work: country ownership, long-term integrated approach, partnership, and results focus. This vision was put into practice under a pilot approach, the Comprehensive Development Framework. The following are some of the highlights of Fiscal Year 2000: a) The share of projects at risk of not achieving their development objectives fell to an estimated 15 percent of the total in fiscal 2000, or roughly half the rate of fiscal 1998. b) New lending commitments declined to $15.3 billion. c) Seven countries qualified for debt relief under the enhanced initiative for Heavily Indebted Poor Countries, six of them in Africa. d) The Bank and the International Monetary Fund began to help countries prepare Poverty Reduction Strategies, which are becoming the basis for debt relief and concessional lending by the Bank, the Fund, and other development partners. e) The Bank announced up to $1 billion support to help borrowers of the International Development Association to combat HIV/AIDS...

The World Bank Annual Report 2002; Banque Mondial rapport annuel 2002*Banco Mundial informe anual 2002; Volume 2. Financial Statements and Appendixes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
56.44%
This annual report covers the period from July 1, 2001, to June 30, 2002, and is prepared by the Executive Directors of both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The first of two volumes discusses the World Bank's goals and strategies; overviews Bank activities in fiscal year 2002; examines progress on the Millennium Development Goals and project and loan performance; addresses the social, institutional, and economic dimensions of poverty; presents regional analyses of Bank operations; and provides organizational information. The second volume comprises the complete Management's Discussion and Analysis, audited financial statments of the IBRD and IDA, and appendixes.

The World Bank Annual Report 2001; Volume 2. Financial Statements and Appendixes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: World Bank Annual Report
ENGLISH; EN_US
Relevância na Pesquisa
56.41%
This Annual Report covers the period from July 1, 2000, to June 30, 2001, and details the World Bank strategy for meeting the poverty challenge. After the Introduction, Chapter 1 provides an overview of Bank activities in 2001 that focused on multi-dimensional support, improved development effectiveness, increased funding volume, formalized the country business model, evolved country assistance strategies by preparing them in consultation, developed investment vehicles to support low-income countries, created a task force to consider the response to the needs of middle-income countries, developed an innovative IBRD and IDA program and project lending to support strong national programs, assessment of the Strategic Compact, the use of the World Bank Institute to empower through knowledge and setting out a strategic framework for future directions. Chapter 2 describes the role of the Board of Executive Directors. Chapter 3 examines the thematic issues the Bank is tackling, such as addressing the social, institutional...

The World Bank Annual Report 2003; Volume 2. Financial Statements and Appendixes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
66.44%
The World Bank Annual Report for 2003, reviews the strategy and action pursued by the Bank, based on the Strategic Framework, and Strategic Directions (and Management Action Plan), focused on meeting the development challenges embodied in the Millennium Development Goals (MDGs). To this end, the Bank sharpened its policies, programs, and instruments to support its central mission of reducing poverty, through improved performance monitoring, and management, and improved harmonization of operational policies, procedures, and practices among donors. The Bank also considered other issues, such as its role in the reconstruction of Iraq, the introduction of the grants component in the 13th Replenishment of the International Development Association (IDA), the Operation Evaluation Department's (OED) review of the Heavily Indebted Poor Countries (HIPC) Initiative, and, market access for exports from developing countries. Methods for combating terrorism, and money laundering were also considered during the period under review. The document presents thematic (and regional) perspectives based on two pillars - poverty reduction and economic management - and how to invest in people...

The World Bank Annual Report 2004; Volume 2. Financial Statements

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: World Bank Annual Report
ENGLISH
Relevância na Pesquisa
66.42%
This Annual Report, which covers the period from July 1, 2003, to June 30, 2004, has been prepared by the Executive Directors of both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) in accordance with the respective bylaws of the two institutions. The Board emphasized the following areas during the fiscal year: Strategic Framework, the Bank's Role in Poverty Reduction; Country Programs; Global Programs and Partnerships; Oversight and Fiduciary Responsibility, and Administrative Budget. Volume 2: Financial Statements Reporting. IBRD prepares its financial statements in accordance with accounting principles.

Province of Santa Fe, Republic of Argentina : Public Financial Management Assessment; Argentina - Provincia de Santa Fe : Evaluación de la Gestión de las Finanzas Públicas

World Bank
Fonte: CC BY 3.0 Unported Publicador: CC BY 3.0 Unported
Tipo: Economic & Sector Work :: Country Financial Accountability Assessment; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
56.42%
The assessment for the Province of Santa Fe was prepared jointly by the Ministry of Finance of the Province of Santa Fe and the World Bank (WB) on the basis of findings from missions. It seeks to: (i) provide the provincial government with a reference tool for dialogue and action to strengthen their public financial management systems; (ii) assess the province's PFM systems and identify and address their main fiduciary issues, as well as their impact on the implementation of World Bank operations; and (iii) contribute in a broader sense to the dialogue between the Bank and Argentina's national and provincial authorities regarding fiduciary portfolio management and reliance on the country's systems. The assessment is not a fully fledged PFM performance report using all PEFA performance indicators. As agreed with the provincial government and the World Bank s Country Management Unit, the team selected and used 19 PFM performance indicators (PI 1, PI 4, PI 5-7, PI 9-12, PI 16-18, and PI 20-26) to review the status of PFM in the province. The report was prepared based on the findings of the missions that visited Argentina in the first semester of 2009 and refers to the 2006-2008 fiscal years. The report was completed in June 2012 and highlights the progress and improvement in some PFM areas since 2009 whenever provided by the Province (in footnotes wherever appropriate).

Republic of Chile : Country Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Financial Accountability Assessment; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.36%
Chile's macroeconomic policies and strong fundamentals have, to a large extent, insulated it from regional crises, and have allowed continued growth in recent years, albeit at lower rates than in the mid-1990s. Economic performance continues to outpace that of the rest of the Region, and in per capita terms, GDP growth has averaged 4 percent per year since 1990, versus one percent for the Latin America and the Caribbean (LAC) region during the same period. This performance is sustained by sound policies and an ambitious structural reform agenda. The abundant trust in government in Chile today, can be attributed, in part, to two elements of transparency: its fiscal reporting, and the incontestable review by a competent, independent authority - the CGR (Controller General of the Republic). Furthermore, Chile has effectively centralized policies and procedures to support aggregate fiscal discipline, yet, its public financial management is characterized by a unique blend of strengths and weakness. Chile is well into the second generation of public sector reforms. Notwithstanding the favorable status of financial management, to advance with modernization in terms of fiscal transparency, several issues have to be addressed. For Chile to emerge at the forefront of public sector management...

Determinantes da defasagem na divulgação das demonstrações contábeis das companhias abertas brasileiras; Determinants of disclosure timing for financial statements of Brazilian public companies

Kirch, Guilherme; Lima, João Batista Nast de; Terra, Paulo Renato Soares
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; ; Formato: application/pdf; application/pdf
Publicado em 01/12/2012 POR; ENG
Relevância na Pesquisa
76.29%
Este trabalho investiga os fatores determinantes da defasagem na divulgação das demonstrações contábeis, trimestrais e anuais, das companhias brasileiras cujas ações compuseram o Índice da Bolsa de Valores de São Paulo (IBOVESPA) no período 1997/1-2009/2. Os fatores determinantes foram agrupados em quatro dimensões: complexidade das operações, características de governança corporativa, nível de assimetria informacional, e custos proprietários e conteúdo dos demonstrativos. Com uma amostra final de 83 companhias (1585 observações), foram examinados, por meio de métodos de dados em painel, os efeitos de 13 variáveis explicativas, tais como alavancagem de controle, tamanho da companhia, nível de governança corporativa, propriedade institucional, consolidação das demonstrações, volatilidade e prejuízo, sobre a defasagem na divulgação das demonstrações contábeis. Os principais resultados encontrados sugerem que a divulgação de demonstrativos consolidados e/ou que reportam prejuízos impacta positivamente a defasagem esperada, corroborando as hipóteses de que a maior complexidade das operações e o conteúdo dos demonstrativos (nesse caso, "más notícias") afetam positivamente a defasagem na divulgação. A variável alavancagem de controle...

Análise das práticas de evidenciação de informações obrigatórias, não-obrigatórias e avançadas nas demonstrações contábeis das sociedades anônimas no Brasil: um estudo comparativo dos exercícios de 2002 e 2005; Analysis of mandatory, non-mandatory and advanced information disclosure practices in financial statements of companies in Brazil: a comparative study between 2002 and 2005

Ponte, Vera Maria Rodrigues; Oliveira, Marcelle Colares; Moura, Héber; Carmo, Renata Coelho de Almeida do
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; ; Formato: application/pdf
Publicado em 01/12/2007 POR
Relevância na Pesquisa
66.31%
Em todo o mundo se discute sobre a transparência e a qualidade na divulgação das informações contábeis. No sentido de contribuir para esse debate, o presente estudo procura responder à seguinte questão de pesquisa: Quais as mudanças percebidas na evidenciação de informações obrigatórias, não-obrigatórias e avançadas praticada pelas sociedades anônimas no Brasil? Trata-se de uma pesquisa exploratória-descritiva, cujas amostras são de natureza não-probabilística acidental. Foram analisadas as demonstrações contábeis de 95 empresas, referentes ao exercício de 2002, e 119 alusivas ao exercício de 2005. No tocante aos itens recomendados pelos pareceres nos 15/87, 17/89 e 19/90 da CVM, a pesquisa revela a não-ocorrência de melhoria das práticas de disclosure das companhias estudadas. Com relação às informações contábeis de natureza avançada e não-obrigatória propugnadas pelas práticas de governança corporativa, verifica-se um avanço na sua evidenciação pelas empresas analisadas, que dispensam atenção especial à divulgação de suas práticas de responsabilidade social e do Balanço Social, das Demonstrações do Fluxo de Caixa (DFC) e do Valor Adicionado (DVA).; All over the world, there have been discussions on transparency and quality in the disclosure of accounting information. Aiming at contributing towards this debate...

Corporate Governance and Release of Annual Financial Statements; Governança Corporativa e Divulgação de Relátórios Financeiros Anuais

Amaral, Hudson Fernandes; Iquiapaza, Robert Aldo; Tomaz, Wesley Pereira; Bertucci, Luiz Alberto
Fonte: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis Publicador: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Artigo Avaliado pelos Pares; ; Formato: application/pdf
Publicado em 13/05/2009 POR
Relevância na Pesquisa
86.28%
    This research seeks to discover if there is any relationship between the delay in the publication of the annual financial statements of companies, and their level of corporate governance, assuming that the delay on its liberation would indicate a smaller transparency of the company. For that, proxy variables for corporate governance were defined, as well as for other dimensions of the company that can, potentially, explain that discrepancy. Ordinary Least Square and Tobit models were used. The results indicate, among other things, that the excess of control by controller shareholders tends to cause a larger delay in the liberation of the statements, but the presence of the company in BOVESPA's differentiated corporate governance levels, as well as the Index for Corporate Governance Quality do not have relationship with the delay.;      Este trabalho visa descobrir se existe alguma relação entre a defasagem na divulgação dos demonstrativos financeiros anuais das empresas, e seu nível de governança corporativa, partindo do pressuposto de que a demora para sua liberação indicaria uma menor transparência da empresa. Para isso, foram definidas variáveis indicadoras de governança corporativa, bem como variáveis de outras dimensões da empresa que podem...

Derivation of a framework for annual financial statements of a property-casualty insurance firm: From Adam Smith to the modern insurance firm

Vivian,Robert W; Hutcheson,Hugh-David
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2015 EN
Relevância na Pesquisa
66.19%
This article derives a framework for annual financial statements of a property-casualty insurer from first principles using Adam Smith's statement of the operation of an insurer as the point of departure. The derivation incorporates current standard accounting principles and regulatory requirements. In the end it will be seen that a substantial correlation exists between the final derived framework and current published statements of a modern property-casualty insurer. It remains to be seen if a similar correlation will continue to exist once the long awaited international accounting standard for insurers is finalised. The article accordingly demonstrates that Adam Smith's statement can be used to derive a workable framework for the accounting and hence management of modern property-casualty insurers. A number of important conclusions flow from the article. Firstly the distinction between provisions and reserves must be understood and maintained failing which solvent insurers may be portrayed as being insolvent, second a new provision should be raised, a Year to Close Provision where it is unclear that existing provisions adequately cover outstanding liabilities and third the IBNR provision should be restricted to claims in the pipeline for the year under consideration.