In AASB 1023 General Insurance Contracts All Unclosed Business Is

question 37

True/False

In AASB 1023 General Insurance Contracts all unclosed business is estimated and the premium relating to unclosed business included in premium revenue from the attachment date.

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Definitions:

Loan Covenant

A condition in a loan agreement that the borrower must comply with, which can include financial requirements or operational actions.

Financial Statements

Financial statements are formal records of the financial activities and position of a business, person, or other entity, presenting the results of operation and the financial condition including balance sheet, income statement, and cash flow statement.

Regulatory Accounting Principles

Specific accounting principles that are prescribed by a regulatory authority, designed for industries under regulation.

GAAP

Generally Accepted Accounting Principles, a common set of accounting rules and standards that companies follow when preparing financial statements in the United States.