Harnessing insurance contracts reporting

When is the implementation date of IFRS 17 Insurance Contracts?

2024

2023

2022

2025

Which of the following is replaced by IFRS 17 Insurance Contracts?

IAS 37

IFRS 4

IFRS 15

IFRS 9

Which of the following terms represents the expected profit on an insurance contract, as defined per IFRS 17?

Insurance gain

Contractual service margin

Anticipated benefits

Fulfilment cash flows

How should an initial gain on inception of an insurance contract be recognised?

No gain recognised

Held in an insurance reserve in equity

Immediately recognised in profit or loss

Immediately recognised in other comprehensive income

How should an initial loss on inception of an insurance contract be recognised?

No gain recognised

Held in an insurance reserve in equity

Immediately recognised in other comprehensive income

Immediately recognised in profit or loss

What is the impact of IFRS 17 likely to be on initial profits when applied by entities previously recognising an initial gain?

Likely to reduce

Likely to be unchanged

Likely to increase

Impossible to foresee

Which of the following is not within the scope of IFRS 17?

Contingent consideration on acquiring a subsidiary

Guaranteed residual amount on a lease

All of these

Warranties issued with a sale of goods

Which, if any, of the following statements is correct? Statement 1 - Most insurance contracts will follow the premium allocation approach, or Statement 2 - IFRS 17 will have minimal impact on most insurance contracts

Both statements are correct

Statement 2 only is correct

Statement 1 only is correct

Neither statement is correct

When can the premium allocation approach be used per IFRS 17?

For loss-making contracts

For small and medium entities

For contracts with direct participation features, where the cash flows are directly linked to a pool of underlying assets

For short-term contracts with no expected change in estimates

Which contract may fall into the scope of IFRS 17?

Pension agreements with employees

Cash-settled share-based payment agreements

Warranty contracts entered into separately from sale agreements

None of these

Harnessing insurance contracts reporting

When is the implementation date of IFRS 17 Insurance Contracts?

Which of the following is replaced by IFRS 17 Insurance Contracts?

Which of the following terms represents the expected profit on an insurance contract, as defined per IFRS 17?

How should an initial gain on inception of an insurance contract be recognised?

How should an initial loss on inception of an insurance contract be recognised?

What is the impact of IFRS 17 likely to be on initial profits when applied by entities previously recognising an initial gain?

Which of the following is not within the scope of IFRS 17?

Which, if any, of the following statements is correct? Statement 1 - Most insurance contracts will follow the premium allocation approach, or Statement 2 - IFRS 17 will have minimal impact on most insurance contracts

When can the premium allocation approach be used per IFRS 17?

Which contract may fall into the scope of IFRS 17?

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