Which of the following is an exception for application of IFRS 15? Oa. Insurance contracts. O b. Financial audit contracts. O c. Pharmaceutical contracts. O d. Service 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 is not a condition in identifying the contract with the customer as per IFRS 15? The entity and the customer have approved the contract and are committed to perform their contractual obligations It is certain that the entity will collect the consideration to which it is entitled Each party's rights with regard to the goods or services concerned can be identified The payment terms can be identified EN 2时 6 lWhich of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition Insuring agreement
- 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 a condition in identifying the contract with the customer as per IFRS 15? a- Each party's rights with regard to the goods or services concerned can be identified b- It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identifiedWhat is a multiple-element contract? Give an example of such a contract. How does NZ IFRS 15 apply to such transactions?
- TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NI13) The balance found in the revenue account of general insurance companies is treated as:Analyse the issue(s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and Contingent Assets
- Obligations and Contracts What is the ruling?Under PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivableWhich of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.