Under AASB 1023,the revenue from the premium for a general insurance policy should be recorded as earned:

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Under AASB 1023, revenue from the premium for a general insurance policy should be recognized as earned from the attachment date, allocated to the reporting periods to which the premium relates. This means that the revenue is recognized over the period of the policy, rather than at a single point in time such as when the policy is signed or when the premium is paid. Recognition on the attachment date when the insurer accepts the risk (choice C) is also a valid option, but not the best one as it only recognizes revenue at one point in time instead of spreading it over the policy period.

Under AASB 1023,the Revenue from the Premium for a General