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Compiled AASB Standard  AASB 1023

General Insurance Contracts

PUBLIC SECTOR ENTITIES ONLY

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual reporting periods beginning after 24 July 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 18

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
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AUSTRALIA
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E-mail: standard@aasb.gov.au
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COPYRIGHT

© Commonwealth of Australia 2023

This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

Comparison With IFRS 4
Accounting Standard
AASB 1023 General Insurance Contracts

from paragraph
Application AusCF1
Scope
General Insurance Contracts 2.1
Transactions Outside the Scope of this Standard 2.2
Embedded Derivatives 2.3.1
Deposit Components 2.4.1
Purpose of Standard 3.1
Premium Revenue
Classification 4.1.1
Recognition 4.2
Measurement 4.3
Unclosed Business 4.5
Outstanding Claims Liability
Recognition and Measurement 5.1
Central Estimate 5.1.4
Risk Margin 5.1.6
Expected Future Payments 5.2
Discount Rates 6.1
Unearned Premium Liability 7.1
Acquisition Costs 8.1
Liability Adequacy Test 9.1
Outwards Reinsurance Expense 10.1
Reinsurance Recoveries and Non-reinsurance Recoveries 11.1
Impairment of Reinsurance Assets 12.1.1
Portfolio Transfers and Business Combinations 13.1
Underwriting Pools and Coinsurance 14.1
Assets Backing General Insurance Liabilities
Fair Value Approach 15.1.1
Measurement 15.2
Non-insurance Contracts Regulated under the Insurance Act 1973 16.1
Disclosures
Statement of Comprehensive Income 17.1
Statement of Financial Position 17.2
Non-insurance Contracts 17.4
Insurance Contracts – Explanation of Recognised Amounts 17.6
Nature and Extent of Risks Arising from Insurance Contracts 17.7
Liability Adequacy Test 17.8
Other Disclosures 17.9.1
Transitional Provisions 18.1
Definitions 19.1
Appendix
A  Definition of an Insurance Contract
COMPILATION DETAILS

Australian Accounting Standard AASB 1023 General Insurance Contracts