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Insurance policy claims


yasaswi gomes (My grammar is 💯 good I)     09 June 2020

yasaswi gomes
My grammar is 💯 good I 
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Hi,

Does any company include insurance coverage in its receivables?

eg., if a shop insurance policy was purchased for an amount, and it has a coverage of 1,00,000₹ amount from damage/fire/theft, then is it included in receivables?

I don’t think so right?

txs.

PADMANABHAN K K

PADMANABHAN K K (CA)     09 June 2020

PADMANABHAN K K
CA 
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This doesn't meet the definition of asset, instead it mets the definition of contingent asset.
So the same can't be recognised.
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     10 June 2020

yasaswi gomes
My grammar is 💯 good I 
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I am still confused because Receivables fall under financial instruments and they, financial instruments, don’t fall under the scope of Provisions. Anyways, your right because a contingent asset is not a receivable. Thank you.


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