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GSIs liabilities balloon to P9 9-T with new reporting method

Finance Secretary Carlos Dominguez III (File photo) MANILA - Social benefit liabilities of government social institutions (GSIs) like the Social Security System (SSS), the Government Service Insurance System (GSIS), and the Philippine Health Insurance Corporation (PhilHealth) have ballooned to PHP9.935 trillion in 2020 from PHP153.59 billion in 2019. This as the GSIs fully complied with the Philippine Financial Reporting Standards (PFRS) 4, said Department of Finance Secretary Carlos Dominguez III in a briefing Friday. Dominguez said the PFRS 4 is the current and interim accounting standard imposed on insurance entities in the country. "(W)hen an insurance entity receives money from its members and enters in a contract to provide their members monetary obligations when certain events occurred, it has to set aside a reserve to cover that liability," Dominguez said. He added that private insurance institutions have been complying with this accounting system since 2005. On the c

Government service insurance systemPhilippine health insurance corporation philhealthSocial security systemPhilippine health insurance corporationPhilippine financial reporting standardsFinance secretary carlos dominguezFinance secretary carlos dominguez iii file photo manila social benefit liabilities of government institutions gsis like the security system sssHe government service insurance system gsisNd the philippine health insurance corporation philhealth have ballooned to php9 935 trillion in 2020 from php153 59 billion 2019 this as gsis fully complied with financial reporting standards pfrs 4Aid department of finance secretary carlos dominguez iii ina briefing friday said the pfrs 4 is current and interim accounting standard imposed on insurance entities in country quotw hen an entity receives money from its members enters contract to provide their monetary obligations when certain events occurredT has to set asidea reserve cover that liabilityUot dominguez said he added that private insurance institutions have been complying with this accounting system since 2005 on the contraryNd philhealth have been understating their liabilities as they not properly reporting in financial statements for 15 yearsOminguez added he that full compliance to the pfrs 4 sets an accurate picture of social institutions 39 financial position usingStimated social benefit liabilities of sss jumped from php12 9 billion in 2019 to php6 8 trillion 2020 php29 35 php2 04 for gsis and php111 34 php1 13 philhealth quotp olicymakers will be able make informed decisions legislate reforms based on an accurate appreciation the funding situation institutionsUot dominguez added in the case of sss which hasa contribution increase set over next few years

GSIS liabilities balloon to P9 9-T with new reporting method

Finance Secretary Carlos Dominguez III (File photo) MANILA - Social benefit liabilities of government social institutions (GSIs) like the Social Security System (SSS), the Government Service Insurance System (GSIS), and the Philippine Health Insurance Corporation (PhilHealth) have ballooned to PHP9.935 trillion in 2020 from PHP153.59 billion in 2019. This as the GSIs fully complied with the Philippine Financial Reporting Standards (PFRS) 4, said Department of Finance Secretary Carlos Dominguez III in a briefing Friday. Dominguez said the PFRS 4 is the current and interim accounting standard imposed on insurance entities in the country. "(W)hen an insurance entity receives money from its members and enters in a contract to provide their members monetary obligations when certain events occurred, it has to set aside a reserve to cover that liability," Dominguez said. He added that private insurance institutions have been complying with this accounting system since 2005. On the c

Government service insurance systemPhilippine health insurance corporation philhealthSocial security systemPhilippine health insurance corporationPhilippine financial reporting standardsFinance secretary carlos dominguezFinance secretary carlos dominguez iii file photo manila social benefit liabilities of government institutions gsis like the security system sssHe government service insurance system gsisNd the philippine health insurance corporation philhealth have ballooned to php9 935 trillion in 2020 from php153 59 billion 2019 this as gsis fully complied with financial reporting standards pfrs 4Aid department of finance secretary carlos dominguez iii ina briefing friday said the pfrs 4 is current and interim accounting standard imposed on insurance entities in country quotw hen an entity receives money from its members enters contract to provide their monetary obligations when certain events occurredT has to set asidea reserve cover that liabilityUot dominguez said he added that private insurance institutions have been complying with this accounting system since 2005 on the contraryNd philhealth have been understating their liabilities as they not properly reporting in financial statements for 15 yearsOminguez added he that full compliance to the pfrs 4 sets an accurate picture of social institutions 39 financial position usingStimated social benefit liabilities of sss jumped from php12 9 billion in 2019 to php6 8 trillion 2020 php29 35 php2 04 for gsis and php111 34 php1 13 philhealth quotp olicymakers will be able make informed decisions legislate reforms based on an accurate appreciation the funding situation institutionsUot dominguez added in the case of sss which hasa contribution increase set over next few years

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