Accounting Policy of Pension Insurance Companies in the Context of Crisis
Accounting Policy of Pension Insurance Companies in the Context of Crisis

Author(s): Maia Natchkova
Subject(s): Social Sciences, Economy, Business Economy / Management, Sociology, Family and social welfare, Policy, planning, forecast and speculation, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: accounting policy; accounting reports; pension insurance companies; crisis
Summary/Abstract: The accounting policy of pension insurance companies refers to the accounting principles, rules, concepts, conventions and specific practical procedures that they have adopted and that are applied to the organization of their accounting reports. Upon designing their accounting policy, pension insurance companies must consider the impact of the economic, political and social environment and the factors that affect their specific pension insurance business in order to be able to present truly and fairly, completely and accurately, authentically and comparatively the information for their financial position, financial performance, movement of their cash flows, changes in equity and in the specific (technical) provisions they have established. The accounting policy is a model of organising the accounting reports of the respective company and of subsequent disclosure of the outcomes of this activity in the company’s financial statements during different reporting periods, in accordance with the changes that have occurred in the external economic environment. In the course of designing and practical implementation of their accounting policy, pension insurance companies must observe specific accounting conceptual frameworks, statutory principles, common rules and approaches to organise their accounting reports. Any legally established accounting policy is always able to adequately respond to the changes in the society in the context of crisis – economic, political, social, or healthcare.

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