Ryan Manager Interview Questions and Answers

Carve outs in IND AS and IFRS refer to exceptions or exclusions from the standard accounting treatment.

• IND AS 101 allows first-time adopters to use previous GAAP for certain items

• IFRS 1 allows exemptions for certain disclosures and retrospective application

• IND AS 109 has carve outs for hedge accounting and impairment

• IFRS 9 has carve outs for financial liabilities and macro hedging

• IND AS 115 has carve outs for certain c...read more

Rewrite and reinstatement are two different methods of policy modification.

• Rewrite involves creating a new policy from scratch, while reinstatement involves restoring a lapsed policy.

• Rewrite may result in changes to coverage, premiums, and terms, while reinstatement typically restores the policy to its original state.

• Examples of when to use rewrite include major life changes or significant changes in risk, while reinst...read more

No, the company will not process the claim.

• The policy was cancelled in June due to non-payment.

• The policyholder reinstated the policy in September.

• The claim arises in August, which is before the policy was reinstated.

• Since the policy was not active in August, the company will not process the claim.

Bank reconciliation is the process of comparing a company's bank statement with its own accounting records.

• It helps to identify any discrepancies between the two records.

• It ensures that all transactions are accurately recorded in the company's books.

• It involves matching transactions on the bank statement with transactions in the company's accounting system.

• Any differences are investigated and resolved.

• Examples of items...read more

Cash flow statement is a financial statement that shows the inflow and outflow of cash in a business over a period of time.

• It shows the sources of cash and how it is used.

• It is divided into three sections: operating, investing, and financing activities.

• It helps in analyzing the liquidity and solvency of a business.

• Example: A company's cash flow statement shows that it has a positive cash flow from operating activities,...read more