CRAC Financial Reporting | Considerations for Standalone and Consolidated Statements
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- Last Updated on 14 August, 2024
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ABC Corporation is a life insurance Company engaged in the business of life insurance. The company also operates the business of Capital redemption and annuity certain (CRAC) Business which is a part of Non-life insurance. This scheme is managed by the company as a separate segment of its operation since 1972.
Since then, the company has maintained separate financials for CRAC business and then consolidated those financials into the consolidated financial statements of the Company
The CRAC fund is kept separate and distinct from others and separate Revenue Accounts & Balance Sheets are published in the Annual Report of the company. The entire surplus under CRAC Business is payable to the Shareholders. But company not consider the CRAC as a part of company’s standalone financials because of their distinct nature and characteristics i.e non-life Insurance.
To understand the correct Presentation as per Framework for Preparation and Presentation of Financial Statements and Considerations for Standalone and Consolidated Statements
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