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      Question

      Which accounting method is used for long-duration

      insurance contracts under IND AS 104?
      A Historical cost method Correct Answer Incorrect Answer
      B Fair value method Correct Answer Incorrect Answer
      C Amortized cost method Correct Answer Incorrect Answer
      D Expected cash flow method Correct Answer Incorrect Answer
      E Discounted cash flow method Correct Answer Incorrect Answer

      Solution

      Explanation: IND AS 104 requires the use of the Expected Cash Flow method for measuring and recognizing the insurance contract liabilities.

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