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| Author: | Horton, J. Macve, R. |
| Title: | The development of life assurance accounting and regulation in the UK: reflections on recent proposals for accounting change |
| Journal: | Accounting, Business and Financial History
1994 : VOL. 4:2, p. 295-320 |
| Index terms: | ACCOUNTING DEVELOPMENT UNITED KINGDOM |
| Language: | eng |
| Abstract: | At its beginnings in the late sixteenth century, UK life insurance was originally short-term, often one-year insurance. Its development into a long-term investment medium exposed a tension between the emerging commercial accountancy conventions for stating financial position and results, based on past transactions, and the forward-looking, actuarial approach needed for the valuation of the business for solvency verification and for decisions about distributions. |
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