Unit of Account
Under IFRS 17, the lowest unit of account is the insurance contract.
In most cases, it is not permitted to disaggregate individual insurance contracts.
What does "Lowest unit of account" mean?
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Under IFRS 17, the lowest unit of account is the insurance contract.
In most cases, it is not permitted to disaggregate individual insurance contracts.
What does "Lowest unit of account" mean?
Comments
Lowest unit of account just means there is nothing "smaller" than an individual contract
i.e. portfolio > groups > contract