Mark's IFRS17 Expert Quiz

Mark Miller - IFRS Global Lead

Mark is a qualified accountant (ACA) with over 20 years of experience of finance change programs. Mark initially trained with PwC in the insurance practice. He has been involved in multiple accounting and IFRS implementations and is the global lead at Legerity for IFRS 9, 15, 16 and 17 programs.

IFRS17 is complex and many insurance firms feel there is a lack of understanding and training of this new accounting standard across their organisations.

Legerity IFRS Global Lead Mark Miller challenges you to test your knowledge with our Legerity IFRS17 Expert quiz. Then share your results and test your colleagues!

Can an acquired PAA contract be accounted for under PAA?

Only if the contract is still active
No never, business acquisitions must be measured using GMM
It is choice
Yes of course

Which of the following is valid re the available options under modified retrospective?

Cohorts over 1 year
Use of actual cash flows
Estimation of consideration at transition date
Risk adjustment at transition date adjusted for releases

How is a non distinct investment component measured?

IFRS9
GMM but excluded from revenue
GMM and included in the revenue
VFA

What is the variable fee in the VFA?

Share in the underlying returns and insurance cash flows
Profit from investment activities
Share in the underlying returns
Investment fee the insurer earns from the customer

If an foreign currency claim settles with an FX variance how is this treated?

The gain is split between current and future service
FX movements are taken to the CSM in IFRS17
The FX gain or loss is recognised below the underwriting result
The FX gain or loss goes to the P&L as part of the underwriting result

Should premiums be discounted in the PAA?

Yes if they are due over 1 year?
No because premiums are recognised when received
Discounting is an option so depends
Only if discounting is used on incurred claims also

Can gains be recongised on reinsurance contracts to offset losses on onerous underlying contract?

Yes but only after initial recognition
Yes but only on initial recognition
At any time but only for proportionate contracts
At initial recognition and but only after in the case of proportional reinsurance contract

Which is not a revenue component in IFRS17?

Entities share of underlying returns
Expected investment return
Risk adjustment release
Acquisition cost amortisation

When is the crediting rate method used?

For contracts with direct participation features
Where the VFA is used
For contracts where cashflows are substantially impacted by financial effects
For any contract if OCI option selected

When might you have a positive risk adjustment?

Reinsurance contracts
Onerous contracts
Never, risk adjustment is a liability provision
Anytime

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October 27, 2020

Mark's IFRS17 Expert Quiz

Prepare for January 2023 and test your knowledge with our Legerity IFRS17 Expert quiz. Then share your results and test your colleagues!

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