• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

confuse about the assertion for data

S

Smith

Member
Page 12, Chapter 30, about the assertion for data used in modelling process, there are two points seems similar, could not catch the difference between, that,
a liability or asset exists on a given date;
a liability is held or an asset is owned on a given date.

What's the difference betwee above two?

who could help? thanks in advance.
 
I can see why you are questioning this, as they are quite similar! I'm thinking we could differentiate them as follows:

If we think about assets, it might be:
a) check firstly that a bond hasn't already redeemed at that time (first bullet point) and then
b) also check we still own that bond (second bullet pt).

If we think about liabilities, say for a pension scheme then:
a) we check that member is still alive, (ie liability exists as per first bullet point) but then
b) also check liability still remains with scheme, eg not transferred out or bought out with an insurance company (second bullet point).
 
ok. that make sense to some degree. anyway, it's so theoritical in my opinion. thanks!
 
You must log in or register to reply here.
Back
Top