Which of AASB 1023's Requirements Has Received the Main Criticism

question 57

Multiple Choice

Which of AASB 1023's requirements has received the main criticism?

• A) The prohibition against netting reinsurance receivables against claims liabilities.
• B) The requirement to mark investments to market and reflect the changes in the income statement.
• C) The requirement to report premium revenues gross.
• D) The requirement to discount future claim liabilities at the market-determined, risk-adjusted discount rate for the entity.
• E) All of the given answers.

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Definitions:

Social Inequality

The existence of unequal opportunities and rewards for different social positions or statuses within society.

Industrialized Countries

Nations characterized by a significant level of industrialization, with a major portion of the economy based on manufacturing and services.

Democracy

A form of government in which power is held by the people, either directly or through elected representatives.

Postmaterialist Argument

This argument suggests that as societies become more economically developed, their citizens increasingly prioritize values such as environmentalism, equality, and personal freedom over material or economic concerns.