Dear Tutor, On studying the Chapter 24:Accounting methods, about the funded accounting, a problem encountered, would like to consult with you, that, under funded accounting basis, e.g. three-year accounting, the accounts publishing frequancy is three year or annual like normal company? thanks and regards,
The accounts will be published every year. However, the numbers shown in those accounts relate to underwriting year rather than accident year, and profit for each underwriting year will not be realised until the end of the funding period (eg 3 years after the start of the relevant underwriting year).
