55Using the premium allocation approach, an entity shall measure the liability for remaining coverage as follows:

55 Using the premium allocation approach, an entity shall measure the liability for remaining coverage as follows:
(a) on initial recognition, the carrying amount of the liability is:
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(iii) plus or minus any amount arising from the derecognition at that date of:
1. any asset for insurance acquisition cash flows applying paragraph 28C; and the asset or liability recognised for insurance acquisition cash flows applying paragraph 27.
2. any other asset or liability previously recognised for cash flows related to the group of contracts as specified in paragraph B66A.
(b) at the end of each subsequent reporting period, the carrying amount of the liability is the carrying amount at the start of the reporting period:
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(v) minus the amount recognised as insurance revenue for services coverage provided in that period (see paragraph B126); and
(vi) ...
56 If insurance contracts in the group have a significant financing component, an entity shall adjust the carrying amount of the liability for remaining coverage to reflect the time value of money and the effect of financial risk using the discount rates specified in paragraph 36, as determined on initial recognition. The entity is not required to adjust the carrying amount of the liability for remaining coverage to reflect the time value of money and the effect of financial risk if, at initial recognition, the entity expects that the time between providing each part of the services coverage and the related premium due date is no more than a year.
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Reinsurance contracts held