Audit and Assurance

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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),...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Audit and Assurance Audit and Assurance Services IFRS 17

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...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica Audit and Assurance Audit and Assurance Services Audit firm

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...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Audit and Assurance Audit and Assurance Services Audit firm

The Contractual Service Margin (CSM) Decoded — Profit Recognition under IFRS 17

July 4, 2025by Dr Dawkins Brown

At the heart of the IFRS 17 Insurance Contracts standard lies the Contractual Service Margin (CSM) — a powerful concept that fundamentally changes how insurers recognize revenue and profit. In contrast to traditional models that front-loaded income upon premium receipt, IFRS 17 mandates a systematic deferral and gradual recognition of profits over the life of...

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ESG Assurance: Preparing for the Next Wave of Stakeholder Scrutiny

July 3, 2025by Dr Dawkins Brown

🌍 The Rise of ESG in the Caribbean Environmental, Social, and Governance (ESG) considerations have evolved from optional reporting frameworks into strategic imperatives. Globally, investors, regulators, and consumers are demanding greater transparency on how companies impact society and the environment. In the Caribbean, this trend is accelerating. Financial institutions, multilateral agencies, stock exchanges (like the...

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Why Internal Audit is a Strategic Asset, Not Just a Compliance Function

July 3, 2025by Dr Dawkins Brown

🎯 Rethinking the Role of Internal Audit In many organizations—particularly across the Caribbean—internal audit is still viewed through a narrow compliance lens. It is often perceived as a mandatory check on policies, procedures, and regulatory obligations. But this traditional view limits the true value internal audit can bring. In reality, a well-designed internal audit function...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Audit and Assurance Audit and Assurance Services Audit firm

The Role of External Audit in Strengthening Investor Confidence in the Caribbean

July 3, 2025by Dr Dawkins Brown

🌍 Why Investor Confidence Matters In the Caribbean region—where economies are striving for diversification, digitization, and increased competitiveness—investor confidence is a crucial catalyst for private sector growth, capital inflows, and long-term economic stability. But what inspires confidence in potential investors, lenders, or shareholders? One of the most foundational answers is financial transparency, and central to...

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How Technology Improves Risk-Based Auditing and Fraud Detection

July 2, 2025by Dr Dawkins Brown

In a business world shaped by complex risks, evolving regulations, and an ever-growing digital footprint, audit professionals are shifting from traditional models to risk-based auditing—a proactive, targeted approach that focuses resources where risks are highest. At the core of this evolution is technology, which has become a transformative enabler of smarter, faster, and more insightful...

Newer Posts

Older Posts

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

The Contractual Service Margin (CSM) Decoded — Profit Recognition under IFRS 17

ESG Assurance: Preparing for the Next Wave of Stakeholder Scrutiny

Why Internal Audit is a Strategic Asset, Not Just a Compliance Function

The Role of External Audit in Strengthening Investor Confidence in the Caribbean

How Technology Improves Risk-Based Auditing and Fraud Detection

May 13, 2026Regulatory Fragmentation as a Scaling Tax: Why the Caribbean Needs a More Integrated Business Environment

May 13, 2026Boards, Risk and Resilience: Strengthening Governance for a More Uncertain Caribbean

May 12, 2026AI and the New Economics of Scaling: What Caribbean Businesses Must Prepare For

May 12, 2026The Three-Bucket Doctrine: How Washington Just Re-Drew the Map of Digital Assets, and What It Means for the Caribbean Regulator's Desk

May 12, 2026The Bill That Changes Everything: Inside the U.S. CLARITY Act and the Triad That Will Reshape Caribbean Capital Markets

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Where to find us?

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