accountants and auditors

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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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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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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...

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Internal Controls That Work: Safeguarding Assets and Enhancing Accountability

July 5, 2025by Dr Dawkins Brown

The Real Value of Internal Controls In a fast-paced business environment marked by evolving risks, regulatory scrutiny, and financial pressure, internal controls are not just about compliance—they are about confidence. A robust internal control system is your organization’s first line of defense against fraud, error, inefficiency, and reputational risk. But effective controls go beyond ticking...

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Enterprise Risk Management: Building Resilience in Uncertain Times

July 5, 2025by Dr Dawkins Brown

Risk Is the New Normal Global uncertainty—economic shocks, cyber threats, climate change, supply chain disruption, and regulatory upheaval—has transformed risk from an occasional boardroom discussion into a daily leadership imperative. Organizations across the Caribbean must now ask: “How prepared are we for what’s next?” At Dawgen Global, we believe Enterprise Risk Management (ERM) is no...

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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

Cybersecurity Risk Assurance: Protecting Data, Systems, and Reputation

Internal Controls That Work: Safeguarding Assets and Enhancing Accountability

Enterprise Risk Management: Building Resilience in Uncertain Times

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