At Present There Are Three AASB Standards Related to Insurance

question 1

Multiple Choice

At present there are three AASB standards related to insurance contracts:

• A) Phase I of the IASB Insurance Project will see these replaced by one standard.
• B) Three standards are required to deal with complex issues such as the HIH collapse.
• C) These standards cover life insurance, general insurance and motor vehicle insurance.
• D) These standards reissued in July 2004 have been significantly altered based on recommendations from the HIH Royal Commission.

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