Which statement/s is/are correct? SI ABC, a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17. S2 Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the insurer. S3 PFRS permits the introduction of an accounting policy that involves remeasuring designated insurance liabilities consistently in each period to reflect current market interest rate. S4 An insurer is not allowed to introduce the following accounting practice which includes using non-uniform accounting policies for the insurance liabilities of
Which statement/s is/are correct? SI ABC, a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17. S2 Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the insurer. S3 PFRS permits the introduction of an accounting policy that involves remeasuring designated insurance liabilities consistently in each period to reflect current market interest rate. S4 An insurer is not allowed to introduce the following accounting practice which includes using non-uniform accounting policies for the insurance liabilities of
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 4GI
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