Insurance contract measurement: Ind AS 117 mandates fulfilment cash flows plus contractual service margin and detailed disclosure. Ind AS 117 requires measuring a group of insurance contracts at initial recognition as the sum of fulfilment cash flows-probability weighted, discounted estimates of future cash inflows and outflows within the contract boundary adjusted for non financial risk-and the contractual service margin representing unearned profit; subsequent measurement segregates the liability for remaining coverage (including the CSM) and the liability for incurred claims, with changes recognised as insurance revenue, insurance service expenses (including onerous group losses) and insurance finance income or expenses, subject to grouping, separation of components, premium allocation simplifications and modified rules for reinsurance held and discretionary participation features.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Insurance contract measurement: Ind AS 117 mandates fulfilment cash flows plus contractual service margin and detailed disclosure.
Ind AS 117 requires measuring a group of insurance contracts at initial recognition as the sum of fulfilment cash flows-probability weighted, discounted estimates of future cash inflows and outflows within the contract boundary adjusted for non financial risk-and the contractual service margin representing unearned profit; subsequent measurement segregates the liability for remaining coverage (including the CSM) and the liability for incurred claims, with changes recognised as insurance revenue, insurance service expenses (including onerous group losses) and insurance finance income or expenses, subject to grouping, separation of components, premium allocation simplifications and modified rules for reinsurance held and discretionary participation features.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
