Question

What are the three exceptions in general accounting standards for insurers carrying on general insurance business?

a.

Cash Flow Statement to be prepared only under Direct Method

b.

Accounting for Investments is not applicable

c.

Segment Reporting applies to all insurers

d.

All of the above

Posted under IC 14 Regulations of Insurance Business

Answer: (d).All of the above Explanation:The exceptions in general accounting standards for insurers carrying on general insurance business include preparing the Cash Flow Statement only under the Direct Method, not applying Accounting for Investments, and applying Segment Reporting to all insurers.

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Q. What are the three exceptions in general accounting standards for insurers carrying on general insurance business?
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