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Questions and Answers

Which types of contracts are within the scope of IFRS 17?

Employment contracts and consultancy agreements

Contracts for the sale of goods and services

Real estate contracts and leasing agreements

Insurance contracts, reinsurance contracts, and investment contracts with discretionary participation features (correct)

What is the main objective of IFRS 17 Insurance Contracts?

To maximize the profits of insurance companies

To provide relevant information that faithfully represents insurance contracts (correct)

To reduce the tax liabilities of insurance companies

To minimize the expenses of insurance companies

Which of the following is an example of an insurance contract under IFRS 17?

Loan agreement with a bank

Warranty for electronic appliances

Lease agreement for office space

Life insurance and prepaid funeral plans (correct)

What type of contracts are excluded from the scope of IFRS 17?

Contracts related to product warranties issued by another party Signup and view all the answers

What do life-contingent annuities and pensions fall under according to IFRS 17?

Insurance contracts issued Signup and view all the answers

What should an entity do if an insurance contract contains an investment component?

Apply IFRS 9 to account for the separated investment component Signup and view all the answers

What does an entity need to do after separating an investment component from an insurance contract?

Separate any promises to transfer distinct non-insurance goods or services Signup and view all the answers

What is the minimum level of aggregation of insurance contracts required by IFRS 17?

A group of contracts that are onerous at initial recognition, a group with no possibility of becoming onerous, and the remaining contracts in the portfolio Signup and view all the answers

When can an entity include contracts issued more than one year apart in the same group?

When law or regulation specifically constrains the entity's practical ability to set different prices or benefits Signup and view all the answers

Under what circumstances is an entity permitted to subdivide the groups described in paragraph 16 of IFRS 17?

If internal reporting provides information that distinguishes different levels of profitability or possibilities of contracts becoming onerous Signup and view all the answers