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:

Verbalism

An excessive focus on words rather than on substance or reality, often resulting in empty talk or jargon.

Paraphrasing

the process of rewording or rephrasing a text or passage to achieve clearer understanding without changing its original meaning.

Focus

The center of interest or activity; to concentrate attention or efforts on a particular object or activity.

Room Lights

Lighting fixtures and arrangements designed to illuminate an interior space, affecting its ambiance and functionality.