Which of the following types of insurance contracts would probably not covered by IFRS 4?
As per the given case, the motor insurance, life insurance, and medical insurance all are provide benefit in the future to the policyholder but the pension plan is not the part of the IFRS 4 because it provides benefit when the employee retire from their job. Hence, it is the correct option.
What is IFRS 4 explain?
IFRS 4 defines an insurance contract as a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder." The standard provides ...
What are the 4 principles of IFRS?
IFRS requires that financial statements be prepared using four basic principles: clarity, relevance, reliability, and comparability.
Which of the following contracts are in the scope of IFRS 17?
IFRS 17 applies to all insurance contracts, regardless of the entity that issues them. This means that the standard applies to all entities that issue insurance contracts, whether they are regulated as insurance entities or not. The standard will not affect policyholders.