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OCI and Taxation — The Unseen Impacts of Insurance Finance Income Presentation Choices

July 8, 2025by Dr Dawkins Brown

One of the lesser-discussed, yet highly impactful features of IFRS 17 is the option for insurers to present insurance finance income or expense either in the profit or loss (P&L) statement or in Other Comprehensive Income (OCI). While this may seem like an accounting classification choice, it carries significant tax implications in Jamaica. The TAJ...

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Onerous Contracts and Tax Adjustments — What the TAJ Will (and Won’t) Recognize

July 7, 2025by Dr Dawkins Brown

One of the most transformative features of IFRS 17 is its treatment of onerous contracts—insurance contracts that are expected to generate a net loss over their coverage period. While IFRS 17 mandates immediate recognition of losses from onerous contracts, the Tax Administration Jamaica (TAJ) has issued firm guidance stating that not all of these losses...

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The Fair Value and Modified Retrospective Approaches — Choosing the Right Path to Transition

July 7, 2025by Dr Dawkins Brown

The adoption of IFRS 17 Insurance Contracts represents a transformational shift in how insurance companies measure and present their financial results. A critical challenge lies in how to transition from IFRS 4 to IFRS 17, particularly for existing insurance contracts. IFRS 17 offers three transition approaches: the Full Retrospective Approach, the Modified Retrospective Approach (MRA),...

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Unpacking IFRS 17: The Premium Allocation Approach (PAA) and its Challenges

July 7, 2025by Dr Dawkins Brown

A New Era of Insurance Reporting IFRS 17, effective from 1 January 2023, has redefined how insurance contracts are measured and reported globally. Replacing IFRS 4, this new standard aims to increase transparency, consistency, and comparability in financial statements by applying a uniform approach to insurance contract valuation. Among its key features is the Premium...

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General Insurance Contracts and the PAA — Simplicity with Tax Complexity

July 7, 2025by Dr Dawkins Brown

For many general insurance companies, the Premium Allocation Approach (PAA) under IFRS 17 offers a simplified framework for measuring liabilities and recognizing revenue. It’s especially attractive for short-duration contracts like auto, property, liability, and accident policies. However, simplification in accounting doesn’t necessarily translate to simplification in tax. In Jamaica, the TAJ Technical Advisory on IFRS...

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Life Assurance under IFRS 17 — A New Tax Narrative for Policyholder Protection

July 7, 2025by Dr Dawkins Brown

Life assurance companies operate under long-term, complex contractual obligations that require precise actuarial forecasts and careful financial planning. With the introduction of IFRS 17, the landscape for life insurers in Jamaica has fundamentally changed—impacting not just how revenue and profits are recognized, but also how tax liabilities are calculated and reported. To support a smooth...

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Smart Tax Structuring for Growth: Aligning Business Models with Tax Efficiency

July 5, 2025by Dr Dawkins Brown

Growth Is Good—Unless It Triggers Tax Exposure Every successful business faces inflection points—scaling operations, entering new markets, restructuring ownership, or raising capital. But as operations grow more complex, tax obligations grow with them—unless the business structure is carefully planned. Tax structuring is not about avoiding taxes—it’s about aligning your business model with local and international...

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Tax Risk Management: Building Confidence Through Compliance

July 5, 2025by Dr Dawkins Brown

Tax Risk Is Business Risk In today’s complex and fast-changing regulatory environment, tax risk is more than a finance issue—it’s a strategic business concern. Errors, omissions, or delays in tax compliance can trigger audits, penalties, reputational harm, and strained relationships with regulators. Caribbean companies are increasingly expected to demonstrate transparency, accuracy, and proactive governance in...

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Governance, Risk and Compliance (GRC): Integrating Oversight for Better Decision-Making

July 5, 2025by Dr Dawkins Brown

Silos Are Risky—Integration Is Smart Caribbean businesses today operate in a challenging landscape—heightened regulatory requirements, fast-moving digital threats, environmental concerns, and growing stakeholder scrutiny. Yet too often, governance, risk management, and compliance functions operate in silos—creating duplication, blind spots, and strategic disconnects. Governance, Risk and Compliance (GRC) is a framework for integrating oversight, breaking down...

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Cybersecurity Risk Assurance: Protecting Data, Systems, and Reputation

July 5, 2025by Dr Dawkins Brown

In the Digital Age, Cyber Risk Is Business Risk From ransomware attacks and phishing scams to data leaks and system outages, cyber threats are no longer IT issues—they are boardroom-level risks. For Caribbean businesses, the digital transformation journey must go hand-in-hand with a robust cybersecurity strategy. Cybersecurity risk assurance provides the governance, monitoring, and testing...

Newer Posts

Older Posts

OCI and Taxation — The Unseen Impacts of Insurance Finance Income Presentation Choices

Onerous Contracts and Tax Adjustments — What the TAJ Will (and Won’t) Recognize

The Fair Value and Modified Retrospective Approaches — Choosing the Right Path to Transition

Unpacking IFRS 17: The Premium Allocation Approach (PAA) and its Challenges

General Insurance Contracts and the PAA — Simplicity with Tax Complexity

Life Assurance under IFRS 17 — A New Tax Narrative for Policyholder Protection

Tax Risk Management: Building Confidence Through Compliance

Governance, Risk and Compliance (GRC): Integrating Oversight for Better Decision-Making

Cybersecurity Risk Assurance: Protecting Data, Systems, and Reputation

May 4, 2026Measuring Jamaica Against IOSCO: A Principles-Based Diagnostic of the Jamaican Capital Market

May 4, 2026An SRO at a Crossroads: The Jamaica Stock Exchange Under Twin Peaks.

May 3, 2026Three Markets, Three Lessons: What South Africa, the Netherlands and New Zealand Teach the Caribbean

May 3, 2026The United Kingdom: From the FSA to the PRA and FCA — A Model in Continuous Reform

May 3, 2026Australia: Twenty-Five Years of Twin Peaks — What Worked, and What Didn’t.

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