/library/oar/handle/123456789/49317 Thu, 25 Dec 2025 17:40:50 GMT 2025-12-25T17:40:50Z /library/oar/handle/123456789/55237 Title: The relationship between the MFSA and insurance services providers : the reporting aspects Abstract: Purpose The study focuses on the relationship between the MFSA and Insurance service provider and the reporting relationship between the two. The research questions aim to provoke discussion into issues such as: 1) What gaps are currently in place due to reporting requirements and reporting processes of insurance companies?, 2) How do reporting requirements impact insurance companies in Malta?, 3)How successful was the 3rd pillar of Solvency II, in terms of attaining the regulator’s expectations? Design The research provides an understanding of how the current reporting system and the recent overhaul in regulatory reporting affected the industry. Literature review provides a good understanding of what the current regulatory systems entails. Nevertheless primary data analyses the current reporting system through questionnaires with participants representing the MFSA and other representing the industry. Findings The data collected showed that although the regulator and the industry were on the same page in terms of the expectations they had from the changes in reporting requirements, however not the same can be said when discussing the actual outcome from such changes. Conclusion Changes in regulatory reporting within the industry were awaited to be implemented both by the regulator and the industry. Nevertheless due to lack of training and increase in costs, the industry now provides a mixed perception on the benefits derived from these changes. Further the gaps observed between the opinion of the regulator and the insurance service providers may be attributable to lack of communication between the two which may have also led to wrong perceptions on the regulator from the industry’s eyes and vice versa. Therefore discussions between the regulator and the industry need to take place in order to understand each other’s position better. Further, the Maltese insurance industry requires more attention in order to be able to provide value adding information without carrying more weight than the typical Maltese insurance service provider can handle. Description: M.ACCTY. Tue, 01 Jan 2019 00:00:00 GMT /library/oar/handle/123456789/55237 2019-01-01T00:00:00Z /library/oar/handle/123456789/55235 Title: Accounting for borrowing costs by the Government of Malta Abstract: Purpose: The objectives of this study were to identify the types of borrowing taken by the Government and to analyse the accounting treatment of its borrowing costs under the cash-based system and the accrual-based accounting system. Furthermore, this study compares the requirements of IPSAS 5 and IAS 23, and discloses the benefits and drawbacks of the Maltese Government if it decides to account for borrowing costs under the former. Design: The objectives of this research were achieved through the use of a qualitative approach. Semi-structured interviews with three government officials and two accounting practitioners were conducted. Secondary data collection was also used to complement the findings from the interviews. Findings: The main borrowing costs of the Maltese Government are interests on MGSs. Currently, the Government is using the cash-based accounting system where borrowing costs are reported as paid. However, the budget requires estimates of future borrowing costs to be made. IPSAS 5 seems an out-dated version of IAS 23 because it retains the choice to either capitalise or write off borrowing costs. However, the latter is considered to be the benchmark treatment, and this is appropriate in a public sector context given that governments normally borrow to sustain daily operations or to refinance debts. As the Maltese Government moves to the accrual accounting system, it has decided to ignore the application of IPSAS 5, and to expense all borrowing costs in its Income Statement since the Government very rarely borrows for a specific project. Contrastingly, it is expected that the adoption of IPSAS 5 would be beneficial for the Government since it retains the recognition option and enhances comparability. Conclusions: The reaction of the Maltese Government to ignore IPSAS 5 seems rather exaggerated. Having said this, taking the definitive position to expense all borrowing costs eliminates the risk of manipulation of financial results and dependence on subjectivity, which should ensure accountability and transparency in the reporting of borrowing costs. Value: It is likely that this dissertation will be found helpful by officials within the Treasury Department and the NSO who deal with accounting of borrowing costs. Also this study can help justify the temporary position taken by the Treasury regarding IPSAS. Description: M.ACCTY. Tue, 01 Jan 2019 00:00:00 GMT /library/oar/handle/123456789/55235 2019-01-01T00:00:00Z /library/oar/handle/123456789/55232 Title: Reviewing the statutory audit for owner-managed companies in Malta Abstract: PURPOSE: This study analysed the perceptions of different stakeholders on the current statutory audit requirement imposed on owner-managed companies. Moreover, the stakeholders’ views on introducing an audit exemption for ownermanaged companies were examined. Lastly, the study focused on the possible alternatives of an audit which would be ideal for Maltese owner-managed companies. DESIGN: A qualitative approach was adopted in order to achieve the objectives of the study. Four interview schedules were prepared according to the perceived level of financial knowledge of the stakeholder. The schedules were used to conduct a total of eighteen semi-structured interviews with owner-managers, banks, Inland Revenue Department, big four and non-big four auditors in Malta. FINDINGS: The stakeholders made use of the audit to different levels. However, it was confirmed that the audit played an important role in obtaining credit. In addition, owner-managed companies did not make use of the audit report and they considered the audit as being a financial and administrative burden. Having said that, owner-managers’ opinions differed according to their own personal aspirations as to how much they wish to expand their business. Stakeholders opined that an audit exemption may not be the solution for owner-managers as this may instigate fraud and manipulation. Stakeholders were open to change from the current statutory requirements, provided that an adequate alternative was found which meets the needs of all parties. CONCLUSIONS: The statutory audit provides little to no value to ownermanaged companies and hence an alternative should be introduced. A review engagement or the introduction of Blockchain Technology within companies would prove to be beneficial for all parties involved. VALUE: This study raised awareness on the current views of stakeholders on the audit of owner-managed companies with the objective being of identifying the value that stakeholders derived from the audit. Description: M.ACCTY. Tue, 01 Jan 2019 00:00:00 GMT /library/oar/handle/123456789/55232 2019-01-01T00:00:00Z /library/oar/handle/123456789/55231 Title: The effectiveness of in-house training for accountants : a case study Abstract: PURPOSE: This study aims to describe the current in-house training practices within a case accountancy firm, and to explore its effectiveness from both the employer’s and employees’ point of view. It also explores how different employer’s and employees’ training expectations are aligned to the satisfaction of both parties. DESIGN: In this case study, a mixed methods approach was adopted. In fact, qualitative data was collected through semi-structured interviews (n = 4) with senior training representatives within the Firm, and quantitative data was collected through web-based questionnaires (n = 80) sent to its accountancy employees. FINDINGS: This study has identified several in-house training methods used within the Case Firm, the method of determining training needs and objectives, and the different training content according to each line of service. It also analysed the selection of trainers and trainees, training schedule, training facilities and audio-visuals used in training. Moreover, it was found that both the employer and employees find the in-house training provided as effective, and its evaluation is mainly done through feedback by employees and review of the employees’ work. Also, training requests by employees are well-considered as to satisfy their training expectations. Lastly, it is expected that the Firm’s in-house training will be continued and improved. CONCLUSION: The findings show how different lines of service within the Case Firm use different in-house training practices, according to their needs. It is also concluded that the in-house training being provided for accountants within the Case Firm is effective from both the employer’s and employees’ point of view. Nonetheless, it was found that alignment of training expectations is taken very seriously in the Case Firm. VALUE: This dissertation suggests areas for improvement to increase the effectiveness of the in-house training programmes offered by the Case Firm. It also provides recommendations to other firms on how to best formulate and maintain their own in-house training programmes for better effectiveness. Description: M.ACCTY. Tue, 01 Jan 2019 00:00:00 GMT /library/oar/handle/123456789/55231 2019-01-01T00:00:00Z