Azmin Firoz Daya v CX Reinsurance Company Limited [2012] NSWSC 1622

Azmin Firoz Daya v CX Reinsurance Company Limited [2012] NSWSC 1622

The tendered opinions were centrally concerned with the interpretation and application of US GAAP to a two-legged reinsurance transaction. Mr Campbell was an experienced and competent United Kingdom accountant, but he had no United States qualification, was not a United States accountant, was not qualified to audit...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
23 November 2012
Procedural Posture
Procedural and Other Ruling; Evidence Ruling in Equity Division Corporations List / Defendants' Tender of Expert Reports as Opinion Evidence; Plaintiff's Objection to Admissibility
Outcome
Tender of report rejected
Legal Topics
['opinion Evidence' 'expert Evidence' 'evidence Act 1995 (nsw) S 79(1)' 'specialised Knowledge' 'accounting Standards' 'us Gaap' 'reinsurance Accounting']
['evidence' 'corporations'] ['opinion Evidence' 'expert Evidence' 'evidence Act 1995 (nsw) S 79(1)' 'specialised Knowledge' 'accounting Standards' 'us Gaap' 'reinsurance Accounting']

Source-derived case record

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Procedural Posture

Procedural and Other Ruling; Evidence Ruling in Equity Division Corporations List / Defendants' Tender of Expert Reports as Opinion Evidence; Plaintiff's Objection to Admissibility

Legal Issues

  1. 1 ['Whether the reports of Alastair Campbell were admissible as expert opinion evidence under Evidence Act 1995 (NSW) s 79(1).' 'Whether interpretation and application of US GAAP, generally or in the context of reinsurance transactions, was a specialised field of knowledge in which Mr Campbell was demonstrated to be qualified by training, study or experience.' "Whether Mr Campbell's United Kingdom accounting experience, exposure to US accounting practice, conversion work, discussions with United States accountants, and reading of US GAAP established specialised knowledge sufficient for the opinions tendered."]

Ratio Decidendi

The tendered opinions were centrally concerned with the interpretation and application of US GAAP to a two-legged reinsurance transaction. Mr Campbell was an experienced and competent United Kingdom accountant, but he had no United States qualification, was not a United States accountant, was not qualified to audit accounts under US GAAP, had no experience preparing or auditing accounts under US GAAP, and had not demonstrated experience applying US GAAP to reinsurance transactions. Reading US GAAP, United Kingdom accounting experience, advice on reinsurance accounting in the United Kingdom, conversion of United States accounts to United Kingdom accounts, and discussions with United States...

Court Disposition

Tender of report rejected

Orders

  • ["The tender of Alastair Campbell's reports dated 21 March 2011 and 4 October 2011 is rejected."]