It Was Argued That the Old Version of AASB 1023

It was argued that the old version of AASB 1023 would inappropriately increase the volatility in earnings through:

A) its requirement to recognise short-term changes in the net market value of investments in the statement of comprehensive income regardless of whether or not management intends to hold the investments long term.
B) the failure to net reinsurance reimbursements from claims so that a higher level of claims is reflected in the statement of comprehensive income despite the fact that management has mitigated against this.
C) the failure to recognise the value of intangible assets such as client lists that contribute to a steady flow of income for an insurer.
D) the failure to net reinsurance reimbursements from claims so that a higher level of claims is reflected in the statement of comprehensive income despite the fact that management has mitigated against this and the failure to recognise the value of intangible assets such as client lists that contribute to a steady flow of income for an insurer.