Get ready for IFRS 17

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 likely implementation date of IFRS 17 Insurance Contracts?

  2. Which of the following is not a model applied by IFRS 17 Insurance Contracts?

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

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

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

  6. Which of the following is not one of the groups that portfolios must be placed into per IFRS 17?

  7. Which of the following represents the correct treatment for a change in liability following a change in the discount rate used by an entity?

  8. Which, if any, of the following statements is correct? Statement 1 - Changes in estimates of the present value of future cash flows should be recognised immediately in profit or loss; Statement 2 - Changes relating to incurred claims should be adjusted against the contractual service margin.

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

  10. When can the variable fee approach be used per IFRS 17?