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Which statements are correct regarding the accounting treatment prescribed by IFRS 17 Insurance Contracts? 1. An...

Which statements are correct regarding the accounting treatment prescribed by IFRS 17 Insurance Contracts?

1. An insurance contract is recognised as a liability by the insurer

. 2. If the present value of fulfilment cash flows arising in an insurance contract is negative, a loss is recognised over the period to which the contract relates.

3. A finance expense is recognised in relation to insurance contracts

1 only

1 and 2

2 and 3

1 and 3 only

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