Financial Condition and Reporting Practices of the GSIS /Helena Agnes S. Valderrama 6
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Contributor(s): Philippine Management Review (2016). pp. 27-42 5 6 [] |
Language: Unknown language code Summary language: Unknown language code Original language: Unknown language code Series: ; 46Edition: Description: Content type: text Media type: unmediated Carrier type: volumeISBN: ISSN: 2Other title: 6 []Uniform titles: | | Subject(s): -- 2 -- 0 -- -- | -- 2 -- 0 -- 6 -- | 2 0 -- | -- -- 20 -- | | -- -- GSIS - Financial Condition -- -- -- | -- -- -- 20 -- --Genre/Form: -- 2 -- Additional physical formats: DDC classification: | LOC classification: | | 2Other classification:| Item type | Current location | Home library | Collection | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|---|---|---|
| Book | PLM | PLM Periodicals Section | Periodicals | HG187.P6.P585.2016 (Browse shelf) | Available | PER2039B |
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ABSTRACT: The objective of this paper are three-fold: first, to assess the financial condition of the Government Service Insurance System(GSIS) post SSL-3 (the law chich authorized significant government salary hikes from 2009 to 2012); second , to determine the compliance by the institution with the requiremnts of Philippine Financial Reporting Standarss (PFRS) and third, to provide a current estimate of the returns GSIS members earn based on their expected pension benefits. After an evaluation of the 2005 to m2012 financial statements of the GSIS, the study finds that, as expected, SSL3 has started to adversely affect the GSIS finances. This is evidenced by the increasing gap between the institution actuarial value of social insurance liabilities and fiancial reserves and its declining contributions - to- benefits ratio. Despite an unqualified audit opinion, the study also finds material non-compliance in the reporting of the funds retirement and insurance liabilities in 2012. This results in an overstatements of GSIS 2012 net worthy by almost P19 billion and understatement of liabilities by the same amount. The effect on the entity profit and loss for the year is underterminable without additional data. Finally, excluding the value of the insurance component of their membership benefits, government employees appear to earn less than the risk - free long term rate of return on their monthly contribution. However, based on a comparison with a roughly similar pension product offered by a private insurer, member currently earn a higher return with the GSIS and so are still better off putting their money in GSIS for their pension needs. 56
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