estimated effect of discounting the asset for future income taxes
Using Fall 2019 15(d) as an example, how would this question be adapted to the current syllabus?
Based on the formula [Reported reserve - 95% x min(Reported reserve, Claim liability)] x .......,
1) is reported reserve always the same as claim liability?
2) what would reported reserve and claim liability be under the current IFRS17 framework?
Comments
1) No, reported reserve can be higher than the AA's estimate. It cannot be lower though.
2) Claim liability will be the LIC