AASB 1023 General Insurance Contracts requires premium revenue to be recognised in the statement of comprehensive income from attachment date using which basis?

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AASB 1023 requires premium revenue to be recognised using a systematic basis consistent with the pattern of the incidence of risk. This means that the revenue should be recognised over the period of the contract in proportion to the risks assumed by the insurer. This is typically done by using actuarial techniques to estimate the timing and amounts of losses that are likely to arise over the life of the insurance contract, and then apportioning the premium revenue accordingly.

AASB 1023 General Insurance Contracts Requires Premium Revenue to Be