Page 104 - IC46 addendum

General Insurance Accounts (IC-46)

3. An entity shall apply Indian Accounting
Standard (Ind AS) 104 to -

a. Insurance contracts that it issues and
reinsurance contracts that it holds.

b. Financial instruments that it issues with the
discretionary participation feature.

c. Only A is correct.
d. Only B is correct.
e. Both A and B is correct.

4. This Ind AS 104 does not address other
aspects of accounting by insurers, such
as financial liabilities issued -

a. Accounting for financial assets held by
insurers.

b. Financial liabilities issued.
c. Accounting for banking assets held by

insurers.
d. Only A and B.
e. All above.

5. An entity shall not apply Ind AS 104 to
a. Product warranties issued directly by a

manufacturer, dealer or retailer.
b. Employers' assets and liabilities under

employee benefit plans.

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