Implementation On International Financial Reporting Standard For Insurance Contracts In Ghana: Constraints Faced By Insurance Companies In The Greater Accra Region

ABSTRACT It was identified through a review conducted by the World Bank in 2004 that several weaknesses exist in the Accounting and Auditing practices in various sectors of the country. International Financial Reporting Standards (IFRSs) and International Standards on Auditing were used as the benchmarks for the assessment. The Report on the Observance of Standards and Codes, published in June 2004 was the result of the assessment. This contains recommendations to improve the reporting framework in Ghana. As part of the recommendations for the improvement of the Accounting and Auditing statuto…