graham
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I received a response from the exam committee and have inserted a note into the wiki here: * https://www.battleactsmain.ca/wiki6c/CIA.IFRS17#Response_from_the_Exam_6-Canada_exam_committee
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I received a response from the exam committee and have inserted a note into the wiki here: * https://www.battleactsmain.ca/wiki6c/CIA.IFRS17#Response_from_the_Exam_6-Canada_exam_committee
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Sorry, yes they did provide the information you need. They should have checked.
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We've added a link to this from the wiki here: * https://battleactsmain.ca/wiki6c/IBC.Flood2016#Section_2:_Case_Studies
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Hi @willm7 I had a medical emergency today (Thursday) so I will hopefully get to your question sometime over this Fri/Sat/Sun. @graham
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Hi @AnLaPe I had a medical emergency today (Thursday) so I will hopefully get to your question sometime over this Fri/Sat/Sun. @graham
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Yes, BattleActs is current for the Spring 2022 exam. That change memo refers to the Fall 2022 exam. Those 2 readings, premium liabilities and MfAD, are being removed because of the introduction of IFRS. This will significantly change what's covered …
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According to the source text the term liquid is described as follows: * an asset is liquid if it's easily convertible to cash (Ex: government bonds) * a liability is liquid if the liability can be extinguished on demand (Ex: LRC for most P&…
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You are correct. This has been noted in footnote 6a in the BattleTable here: * https://battleactsmain.ca/wiki6c/CIA.PrLiabs#BattleTable
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I believe your reasoning is correct and the way the reinstatement premium is described here doesn't make sense. This is a poorly constructed exam problem but you just have to take the information provided "as is", even if it doesn't make sense. I…
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Okay, I've added a small amount of material, including a web-based problem so that should cover what you need to know from Chapter 25 of Odomirok (CAS Financial Reporting.)
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What you stated above seems logical, but if it isn't discussed anywhere in the readings, then you should not have to know it for the the exam. I would hesitate to try to give you a definitive answer because all of this is so new and I only know what…
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We're getting into things that aren't explicitly mentioned in the reading, but I would assume that building block 1, which is PV(future cash flows), is a net value and would incorporate salvage & subrogation, and reinsurance recoverables, to rea…
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Yeah, I think that's right. The inconsistencies with the signs (positive or negative) are confusing the issue, but like Will said, in this formula, if outflows are negative then RA would indeed be subtracted since it's an outflow.
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Yes, that's already the case. The text makes it sound like it's a difference between IFRS 17 and current CIA practice but it isn't.
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I believe there are some inconsistencies in the source texts and I have emailed the Exam 6-Canada exam committee. I will let you know when (if) I receive a response. Thanks for bringing this to my attention. Someone else also just raised similar que…
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I believe you are correct and I have emailed the Exam 6-Canada exam committee. I will let you know when (if) I receive a response. Thanks for bringing this to my attention.
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I believe you are correct and I have emailed the Exam 6-Canada exam committee. I will let you know when (if) I receive a response. Thanks for bringing this to my attention.
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Yes, I interpret the term "cash flow projections" to mean the same as FCFs. About my 1st and 2nd points above: The "IFRS17 - LRC" source text does not state whether sections 5.1 & 5.2 apply only to non-onerous contracts. I was assuming they a…
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That would be: * https://battleactsmain.ca/wiki6c/McD.Intro This is referred to as McDonald in the official syllabus.
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I will need to review the source texts and get back to you on this in the next couple of days.
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I will have to review the different source texts and get back to you on this in the next day or two.
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There is a lengthy discussion on how to select a discount rate under IFRS17 but there is virtually no discussion on how to select a discount rate for the CIA methods. So comparing discount rates under IFRS17 versus current practice is difficult to a…
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Oops. It's corrected. Thx!
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Gosh, they slipped that change into the syllabus and I didn't notice. Thank you for letting me know. I will add a supplementary wiki article for chapter 25 from Odomirok (CAS Financial Reporting.) Check back later this week.
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I'm not quite sure I follow what you're asking, but here are a few things that might help. If not, let me know: * The cash flows in section 5.1 & 5.2 are acquisition cash flows, which are different from FCFs. The FCFs relate to the policy l…
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Ok, never mind, I see what you mean now. It's the text reference at the top of the wiki article. I forgot to update that. I will do that now. Thx!
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I double-checked the syllabus for 2022.Spring and here is the reference for CIA.IFRS17: So section 7.2 is specifically excluded. Also, there's no mention of section 7.3 so I assume it's included. I also double-checked section 7 from the wi…
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The source text defines what they mean by "optimal compensation" on page 5: In other words, the definition of "optimal compensation" as used in the source text is that compensation is "predictable and sufficient". There's nothing else to it.
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No, I think you're right. I misread something in the source text. I have made a change to that example. Here's the direct link: * https://battleactsmain.ca/wiki6c/CIA.IFRS17-PAA#Section_3%3A_Coverage_Period_Considerations Thanks for letting…