SPECIFIC DISCLOSURES IN THE FINANCIAL STATEMENTS OF THE PENSION INSURANCE COMPANIES IN CONDITIONS OF CRISIS

Authors

  • Maia Iankova Natchkova UNWE, Sofia, Bulgaria

Keywords:

pension insurance company, financial statements, insured persons, pension funds

Abstract

Disclosures in the financial statements of the pension insurance companies should be adequate and logically bound with the changes in the financial position and the financial performance, in the cash flows and the items of equity, in the values of the key financial indicators for the business of the pension insurance companies in conditions of world crisis – economic, political, social and health, due to the announced COVID-19 pandemic. The management of the pension insurance company should declare the existence of adverse consequences in the conditions of crises in all material aspects of the business of the pension insurance companies in the Management Report and to disclose them in the Annex to the financial statements. For the purposes of the true and fair presentation of the economic information in the financial statements and the non-financial information in any report, statement and the Annex to the financial statements in accordance with the amendments in the applicable laws and legal regulations voted by the legislator, the managements of the pension insurance companies should also report the measures and plans for overcoming the crisis they have undertaken, planned, scheduled and considered. The key points in this anti-crisis plans should comprise quick solution of problems with regard to the of the pension insurance companies business due to the announced COVID-19 pandemic, quick adaptation of the business for further reinforcement of the entity’s position on the market, increase of its competitive power and profitability, improvement of its solvency and liquidity, identification and disclosure of any possible risks and uncertainties, assessment of their potential impact of the pension insurance companies business, etc.
The subject of this study refers to the specific disclosures in the financial statements of the pension insurance companies in conditions of crisis. The object of the study covers the engagements and responsibilities of the management with regard to the disclosures in the financial statements of the pension insurance companies. The purpose of this publication is to present the main guidelines for disclosure of the adverse consequences and material risks the business of the pension insurance companies is exposed to under the conditions of crises as a result of the announced COVID-19 pandemic

Author Biography

Maia Iankova Natchkova, UNWE, Sofia, Bulgaria

Department “Accounting and Analysis”

References

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Published

2022-02-18

How to Cite

Iankova Natchkova, M. (2022). SPECIFIC DISCLOSURES IN THE FINANCIAL STATEMENTS OF THE PENSION INSURANCE COMPANIES IN CONDITIONS OF CRISIS. KNOWLEDGE - International Journal , 50(1), 45–51. Retrieved from https://ikm.mk/ojs/index.php/kij/article/view/4910

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