The IFRS 17 transition challenge

Multiple-choice questions: 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

Where might the biggest impact of IFRS 17 be found?

The level of contract aggregation

In the CSM

In the day-to-day working lives of internal accounting

In the. Profit margin because of the size of investment required to apply IFRS 17

Which type of insurer might find the assessment and re-measurement process most onerous?

Medical malpractice insurers

Retail household and automobile insurers

Health and life insurers

Property and casualty insurers

When is the deadline for insurers and reinsurers to apply IFRS 17?

1 January 2023

1 April 2022

1 January 2022

1 April 2023

Under what misconception may property and casualty insurers have been labouring?

That the IASB will give them more time to transition to the new system

That they will be able to use their old software to make calculations under IFRS 17

That if they have no contractual service margin then they have no problem

That the standard does not apply to them

Which of the following is not an area of non-consensus on IFRS 17 between accounting and audit experts?

The software package to be used

The applicability of foreign currency to the contractual service margin (CSM)

The order in which calculations are to be performed

The categorisation of risks as financial or non-financial

1 Unit

The IFRS 17 transition challenge

Where might the biggest impact of IFRS 17 be found?

Which type of insurer might find the assessment and re-measurement process most onerous?

When is the deadline for insurers and reinsurers to apply IFRS 17?

Under what misconception may property and casualty insurers have been labouring?

Which of the following is not an area of non-consensus on IFRS 17 between accounting and audit experts?

What does aggregation imply?

What will be the most radical change to internal operations?

What have the most advanced insurers been doing to prepare for IFRS 17?

What does aggregation require?

Why is it not easy to answer the question 'what is the expected result that includes the CSM and its behaviour?'

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