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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- 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 incorrectInsurance companies may use all of he following sources to oblain underwriting information about an applicant EXCEPT. A.The Medical Information Bureau (MIB) B.Inspection report companies C.Actuarial raling bureaus D.A Fair Credit report
- Which of the following is a condition of a commercial general liability policy? Intentional act Premium audit Liquor liability Employers liabilityThe primary regulator for Insurance Companies is: Group of answer choices a. the Federal Deposit Insurance Corporation (FDIC) b. the National Association of Insurance Commissioners. c. the Insurance Regulatory Information System. d. The Federal Reserve e. Insurance Companies are regulated at the State levelWrite a three (3) paragraph justification on How does the Insurance Commission assures the investing public on the safety of the Insurance products offered in the market.
- The Director of Insurance has the power to. make reasonable insurance rules and regulations determine standard insurance rales Veto insurance laws issue insurance policiesTrue or False : Insurance companies are regulated by the federal government, which helps maintain uniform coverage and premiumsWhich 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
- Write a three (3) paragraph justification on: a. How does the Insurance Commission assures the investing public on the safety of the Insurance products offered in the market. b. Importance of Insurance Commission to the economy and to the public.Report on Special-Purpose Framework. Brooklyn Life Insurance Company prepares itsfinancial statements on a statutory basis in conformity with the accounting practices prescribed and permitted by the Insurance Department of the State of New York. This statutorybasis produces financial statements that differ materially from statements prepared in conformity with generally accepted accounting principles. On the statutory basis, for example,agents’ first-year commissions are expensed instead of being partially deferred.The company engaged its auditors, Major and Major Associates, to audit the statutory basisfinancial statements and report on them. Footnote 10 in the statements contains a narrative description and a numerical table explaining the differences between the statutory basis and GAAPaccounting. Footnote 10 also reconciles the statutory basis assets, liabilities, income, expense, andnet income (statutory basis) to the measurements that would be obtained using GAAP.Required:Write…NZ IFRS 15 identifies the seven important elements of a contract with a customer that need to be carefully reviewed by a reporting entity in relation to the recognition of revenue. These seven steps must be applied to each contract with a customer in a sequential manner. a. True b. False Please Introduction and explanation step by step without plagiarism please