Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All of the said contracts O All except financial audit contracts O Insurance contracts O Pharmaceutical and financial audit contracts O All except insurance contracts O Lease and insurance contracts O Lease contracts Insurance and pharmaceutical contracts Financial Audit Contracts
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- 15. If an entity gives a product warranty that has been issued directly by a manufacturer, dealer or retailer, which IFRS is likely to cover this warranty? a. IAS 32 Financial instruments - Presentation b. IAS 37 Provisions, contingent liabilities and contingent assets c. IFRS 17 Insurance contracts d. IFRS 9 Financial instruments 16. IFRS 17 provides that insurance contracts should a. Be covered by IAS 32 and IFRS 9 b. Comply with all existing IFRS c. Generally continue to be subject to existing accounting policies. d. Comply with the IFRS Framework document. 17. An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this constitutes a loan by the cedant that will be repaid in the future. IFRS 17 requires that a. Each payment by the cedant is accounted for as loan advance and as payment for insurance…Which of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition Insuring agreementC. Endorsement. O D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance O B. cover note O C. renewal notice D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through
- C. Endorsement. D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance B. cover note O C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspecticEntity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approachWhich statement/s is/are correct? S1 PFRS permits the introduction of an accounting policy that involves remeasuring designated insurance liabilities consistently in each period to reflect current market interest rate. S2 An insurer is not allowed to introduce the following accounting practice which includes using non-uniform accounting policies for the insurance liabilities of subsidiaries. S3 PFRS 17 provides discretionary participation features in the insurance contract recognized separately from the guaranteed elements, where the issuer of such contract shall classify that feature as either a liability or a separate component of equity.
- Which of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion ConditionWhich of the following is not one of the groupings of insurance contracts under PFRS 17?A. those that are not onerous at initial recognition but can become onerous in subsequent periodsB. those that pay premiums at initial recognition which are to be measured using the simplified approachC. those that are onerous at initial recognitionD. those that, at initial recognition, have no significant possibility of becoming onerous in subsequent periodsWhich of the following types of insurance does NOT involve a contract with an external party? a. self insurance b. directors and officers insurance c. property insurance d. life insurance
- S1: PFRS 17 permits the introduction of an accounting policy that involves remeasuring designated insurance liabilities consistently in each period to reflect current market interest rate. S2: An insurer is not allowed to introduce the following accounting practice which includes using non-uniform accounting policies for the insurance liabilities of subsidiaries. S3: PFRS 17 provides discretionary participation features in the insurance contract recognized separately from the guaranteed elements, where the issuer of such contract shall classify that feature as either a liability or a separate component of equity. Only S1 is incorrect All statements are correct Only S3 is correct Only S1 is correct Only S3 is incorrect All statements are incorrectS1: PFRS 17 permits the introduction of an accounting policy that involves remeasuring designated insurance liabilities consistently in each period to reflect current market interest rate. S2: An insurer is not allowed to introduce the following accounting practice which includes using non-uniform accounting policies for the insurance liabilities of subsidiaries. S3: PFRS 17 provides discretionary participation features in the insurance contract recognized separately from the guaranteed elements, where the issuer of such contract shall classify that feature as either a liability or a separate component of equity. a. Only S3 is incorrectb. All statements are correctc. Only S2 is correctd. Only S3 is correcte. Only S1 is incorrectf. Only S2 is incorrectg. All statements are incorrectThe Director of Insurance has the power to. make reasonable insurance rules and regulations determine standard insurance rales Veto insurance laws issue insurance policies