One of the main issues in the existing accounting framework is a lack of comparability. Comparability among insurance companies, insurance contracts and industries is important to fairly reflect the value of insurance contracts along with consistent outputs in the financial reporting framework across jurisdictions. For example, some companies recognize all premiums received as revenue while it may contain the savings components of policyholders’ value to be returned after providing services to the insurance policy. Thus all premiums received do not truly reflect the full revenue recognized by insurance companies as income. It therefore becomes very difficult to compare the insurance industry’s revenues with revenues for other industries where they report their revenues based on actual service provided. A lack of transparent and relevant information is a major concern in the existing financial reporting standards.