The IFRS 17 transition challenge

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. When is the deadline for insurers and reinsurers to apply IFRS 17?

  2. What will be the most radical change to internal operations?

  3. Which of the following is not an area of non-consensus on IFRS 17 between accounting and audit experts?

  4. Why is it not easy to answer the question 'what is the expected result that includes the CSM and its behaviour?'

  5. What have the most advanced insurers been doing to prepare for IFRS 17?

  6. Under what misconception may property and casualty insurers have been labouring?

  7. Where might the biggest impact of IFRS 17 be found?

  8. What does aggregation require?

  9. What does aggregation imply?

  10. Which type of insurer might find the assessment and re-measurement process most onerous?

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