Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p93
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 244657–247628

paragraphs C29(a)–C29(e) apply:
(i) the measurement category and carrying amount of the affected financial assets determined immediately before the date of initial application of AASB 17; and
(ii) the new measurement category and carrying amount of the affected financial assets determined after applying paragraph C29.
(c) if paragraph C29(b) applies – the carrying amount of financial assets in the statement of financial position that were previously designated as measured at fair value through profit or loss applying paragraph 4.1.5 of AASB 9 that are no longer so designated.
C33 When an entity applies paragraph C29, the entity shall disclose in that annual reporting period qualitative information that would enable users of financial statements to understand:
(a) how it applied paragraph C29 to financial assets the classification of which has changed on initially applying AASB 17;
(b) the reasons for any designation or de-designation of financial assets as measured at fair value through profit or loss applying paragraph 4.1.5 of AASB 9; and
(c) why the entity came to any different conclusions in the new assessment applying paragraphs 4.1.2(a) or 4.1.2A(a) of AASB 9.
     C33A For a financial asset derecognised between the transition date and date of initial application of AASB 17, an entity may apply paragraphs C28B–C28E (classification overlay) for the purpose of presenting comparative information as if paragraph C29 had been applied to that asset. Such an entity shall adapt the requirements of paragraphs C28B–C28E so that the classification overlay is based on how the entity expects the financial asset would be designated applying paragraph C29 at the date of initial application of AASB 17.

Withdrawal of other IFRS Standards
C34 [Deleted by the AASB]

Withdrawal of AASB pronouncements
          AusC34.1  This Standard repeals AASB 1038 Life Insurance Contracts issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
          [Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]
          AusC34.2  When applied or operative, this Standard supersedes Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations.

Appendix D
Amendments to other Australian Accounting Standards
This appendix sets out the amendments to other Standards that are a consequence of the Australian Accounting Standards Board issuing AASB 17 Insurance Contracts. An entity shall apply these amendments when it applies AASB 17.
An entity is not permitted to apply AASB 17 before applying AASB 9 Financial Instruments and AASB 15