IFRS 17 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
Insurance service result, insurance finance expense, choice of disaggregation into other comprehensive income and checklist for the reconciliation of the liability: Quota share reinsurance treaty
Premium allocation approach, variable fee approach, reinsurance held, modification, transition and disclosures
Section 1 of 7
Objective
Section brief
- What to document
- The engagement, its scope and the working mode chosen.
- Why
- A workpaper answers one precise question: framing it avoids off-topic work.
- How
- Read the objective and the assignment, then choose the mode (guided, semi-guided, professional).
- Expected result
- You know which question the workpaper must settle, and for which reporting date.
- Your role
- Preparer of the IFRS 17 workpaper
- Level
- Expert
- Estimated time
- ≈ 75 min
- Progress
- 0 / 3 steps done (review excluded)
Context
Voyalis Assurances SA (fictitious entity) closes its accounts on 31 December 20X6. It manages a group of one-year travel insurance contracts, a group of three-year contracts, a group of savings contracts with participation, a quota share reinsurance treaty, a modified contract and three groups at the transition to IFRS 17. You prepare the technical note for the chief financial officer.
Assignment
Insurance service result, reconciliation and reinsurance held
Purpose of the workpaper
Record the opening and closing balances, the insurance revenue, the claims and other expenses, the rate of the period and the choice of disaggregation of the finance expense. Compute the insurance service result and the finance expense of the period, record the entries, then prepare the checklist of the information, including the reconciliation of the liability (not computed by the template), and the conclusion. The choice of disaggregation and the amounts of the period are case data.
Questions of the file covered by this workpaper
- Prepare the outline of the reconciliation of the liability and of the insurance service result of group P.
- Reinsurance held: how is the treaty measured and which component appears for the onerous group S?
Documents in the file
Open the documents to pick out the relevant information.