Which of the following statements is true?
A) In accordance with AASB 1023 premium revenue shall be recognised from attachment date as soon as there is a basis on which it can be reliably estimated.
B) Premium revenue shall be recognised in the statement of comprehensive income from attachment date over the period of the contract in accordance with the pattern of the incidence of risk.
C) Premium revenue shall be recognised in the statement of comprehensive income from attachment date over the period of the general insurance contract.
D) In accordance with AASB 1023 premium revenue shall be recognised from attachment date as soon as there is a basis on which it can be reliably estimated and premium revenue shall be recognised in the statement of comprehensive income from attachment date over the period of the contract in accordance with the pattern of the incidence of risk.
Correct Answer:
Verified
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