The Most Trusted Provider Of Financial Services Accounting Essay

Allianz officially stepped its first measure in Malaysia in 2001 and it became the commanding stockholder of Allianz General Insurance Malaysia Berhad. In the twelvemonth of 2007, the general insurance concern of AGIM has been transferred to AGIC, which is a wholly-owned subordinate. With the consequence of the transferation, AGIM changed its name to AMB and became an investing keeping company, with a general insurance ( AGIC ) and life insurance ( ALIM ) subordinate.

AGIC is one the ruling general insurance company in Malaysia and has a broad scope of services in personal lines such as concern and big industrial hazards. AGIC besides influence on the bank confidence understanding with CIMB Bank to a high amount which is about over-a-million-customer base. The GWP for general insurance concern in the twelvemonth 2011 reached about RM 1.46 billion.

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ALIM offers a comprehensive scope of life, wellness insurance and investment-linked products.for In the twelvemonth of 2011, ALIM successful make a record on a gross written premium ( ā€œ GWP ā€ ) of RM 1.14 billion and is one of the major turning life insurance companies in Malaysia.

By and large, Allianz Malaysia aims to be the most sure supplier of fiscal services to accommodate the life-time demands of Malaysians. The Company sees the verve of sustainable growing in many ways such as the worldwide variegation, the decreasing of complexness, value-based direction attack, employees and achieving client satisfaction.

Company Name

Year 2004

Year 2011

Allianz Malaysia BHD

Balance Sheet as at 31 Dec 2004

Income Statement as at 31 Dec 2004

Statement of hard currency flow as at 31 Dec 2004

Statement of alteration in equity as at 31 Dec 2004

Statement of important accounting policy

Statement Of Financial Position as at 31 Dec 2011

Statement Of Comprehensive Income as at 31 Dec 2011

Statement of hard currency flow as at 31 Dec 2011

Statement of alteration in equity as at 31 Dec 2011

Statement of important accounting policy

MNRB Holding BHD

Balance Sheet as at 31 Dec 2004

Income Statement as at 31 Dec 2004

Statement of hard currency flow as at 31 Dec 2004

Statement of alteration in equity as at 31 Dec 2004

Statement of important accounting policy

Statement Of Financial Position as at 31 Dec 2011

Statement Of Comprehensive Income as at 31 Dec 2011

Statement of hard currency flow as at 31 Dec 2011

Statement of alteration in equity as at 31 Dec 2011

Statement of important accounting policy

Company Name

Allianz Malaysia BHD

MNRD Holding BHD

Year 2004

Good will

Goodwill means the good name and image of the company which is a just values giving by societal. And it is amount we can non see and worth it. The day of the month we start to acknowledgment good will is estimated the utile life for the hereafter which no more than 20 twelvemonth. That is because good will is an intangible plus. Examples of intangible assets are goodwill, hallmark, right of first publication and patent.

Gross Recognition

Gross acknowledgment is an point help the company addition net income and increase the capital of company. Gross is recognized when it was happened. This is base on the accrual construct.

The illustrations of gross are involvement income, rental income, and dividend income. All of these are recognized on the reception base when all have been paid.

Property, Plant and Equipment

Property, works and equipment is non-current plus because they utile life is more than one twelvemonth. Example of belongings, works and equipment are land, motor vehicle, office furniture, adjustments and equipment and so on. Land is an of import plus to assist a company traveling uninterrupted the concern at the hereafter so the sum present in balance sheet is province on rating. Others non-current plus are province at the cost which deduct the sum of accrued depreciation.

Intangible assets

Intangible assets are the term we ca nā€™t see. It is eternity. And is like a repute of a company. So we record the value at cost. Examples of intangible assets are goodwill, hallmark, right of first publication and patent.

Gross Recognition

Gross acknowledgment is when given service to other even haven picking up money from them. Base on accrual construct when the gross is occur we should be recognized. The illustrations of gross are involvement income on loan, involvement income on corporate debt securities, other involvement income and investing income on Islamic investings, rental income, Dividend income, Al Wakalah, and so on.

Property, works and equipment

Property, works and equipment is non-current assets because they are an plus which are utile life more than one twelvemonth. Land as an plus is of import to a concern so the deserving nowadays in balance sheet is base on the historical cost without deduct the depreciation cost. Whereas the others Non-current plus should enter the sum which are deduct the depreciation cost because the benefit of the plus is spread out to the user. Example of the belongings, works and equipment are computing machine equipment, office equipment, furniture and adjustments, motor vehicle and so on. Merely the assets value above RM 100 will be record as capital outgo. The sum below RM 100 will enter as disbursals in income statement.

Company Name

Allianz Malaysia BHD

MNRD Holding BHD

Year 2011

Cash and Cash Equivalents

Cash and hard currency equivalents is the hard currency on manus and balances with Bankss. The intent of statement of hard currency flow is hard currency and hard currency equivalents are show on the cyberspace of bank overdrafts. Examples, investing income, alteration in other trade collectible, alteration in other trade receivable, sedimentation and prepayment, voucher involvement received and revenue enhancement paid.

Disposal assets

When the investing assets disposal, the different between the proceed and the sum which is carry will recognized in the income statement as gross when it is gain net income when disposal or as disbursals when acquire loss. On the others manus when disposal the general concern and stockholders fund, the sum which is remain will reassign to the income statement within life fund and the transporting value will recognized as an impairment loss. Example, disposal of land and edifice.

Depreciation

Depreciation is an allotment method to distribute out the non-current plus economic utile life so that will fit cost with the gross earn. The ground we should depreciation is because the wear and tear of an assets, outdate of an assets, transition of clip and depletion. Depreciation as an disbursal, we did non pay out money but we enjoy the benefit giving by non-current plus. The construct we should follow are accrual and duplicate construct. Allianz is use the consecutive line method to distribute the cost of assets as follow:

Motor vehicles-20 %

Office furniture, adjustments and equipment-5 % ā€“ 20 %

Office redevelopments and partitions-10 %

Cash and Cash Equivalents

Cash and hard currency equivalents is the hard currency on manus and balances with Bankss. Excluding fixed and name sedimentations with accredited fiscal establishments, which are excessively little jeopardy of alterations in value. Indirect method is usage for present the hard currency flow statement. Examples, impairment loss on plus, dividend income, purchase of others investing, lessening in others trade receivable and increase in others trade collectible.

Non-current assets held for sale

When the investing assets disposal, the different between the proceed and the sum which is carry will recognized in the income statement as gross when it is gain net income when disposal or as disbursals when acquire loss. On the others manus when disposal the general concern and stockholders fund, the sum which is remain will reassign to the income statement within life fund and the transporting value will recognized as an impairment loss.

Depreciation

Straight line method is used by MNRB Holding to depreciation the non-current plus. Depreciation is occur that is because the depletion, wear and rupture on the plus, transition of clip and obsolescence of the plus. MNRB Holding had set residuary worth for the non-current assets. MNRB Holding use the consecutive line method to distribute the cost as followers:

Computer equipment-33 1/3 %

Office equipment-15 %

Furniture and fittings-15 %

Motor vehicles-20 %

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