In Financial Statements

exampasserexampasser
edited October 2022 in CIA.IFRS17-LRC

Hi,

For accounting/financial statements recognition, is it true that:

For GMA:
(LRC excl LC) + LC
are booked together, then
LC is also booked separately

For PAA:
LRC excl LC is booked separately
and LC is booked separately

Then onerous contracts for both approaches are recognized immediately as the contract is bound?

Comments

  • Staff-T1Staff-T1

    You would have a separate section for your LC I believe. I don't think the material describes it exactly. But yes when contract is bound the LC is recognized immediately

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