Accounting Treatment FA Residual Market

AndrewLAndrewL
in CIA.IFRS17-1

Hi,

  1. Does UAF and FARM use IFRS-17 or not?
    The first bullet point say that UAF acts as a levy and IFRS17 does not apply. However, the second bullet point say that FARM and UAF insurance contracts are written as direct insurance contract issue. This mean that IFRS-17 apply for both.

  2. How does UAF work and why does it act as levy?

Thanks

Comments

  • Staff-T1Staff-T1
    1. Yes, that's a mistake in the wiki. IFRS-17 would not apply for UAF as it acts as a levy
    2. That's just how it is defined by the standard. It's like a GST on your premiums
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