Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p90
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 236895–239817

the transition date but not recognised at the transition date;
(b) future insurance contracts that are renewals of insurance contracts recognised at the transition date and insurance contracts described in (a); and
(c) future insurance contracts, other than those in (b), after the transition date without paying again insurance acquisition cash flows the entity has already paid that are directly attributable to the related portfolio of insurance contracts.
     C24B At the transition date, the entity shall exclude from the measurement of any groups of insurance contracts the amount of any asset for insurance acquisition cash flows.

Comparative information
C25 Notwithstanding the reference to the annual reporting period immediately preceding the date of initial application in paragraph C2(b), an entity may also present adjusted comparative information applying AASB 17 for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, the reference to 'the beginning of the annual reporting period immediately preceding the date of initial application' in paragraph C2(b) shall be read as 'the beginning of the earliest adjusted comparative period presented'.
C26 An entity is not required to provide the disclosures specified in paragraphs 93–132 for any period presented before the beginning of the annual reporting period immediately preceding the date of initial application.
C27 If an entity presents unadjusted comparative information and disclosures for any earlier periods, it shall clearly identify the information that has not been adjusted, disclose that it has been prepared on a different basis, and explain that basis.
C28 An entity need not disclose previously unpublished information about claims development that occurred earlier than five years before the end of the annual reporting period in which it first applies AASB 17. However, if an entity does not disclose that information, it shall disclose that fact.

Entities that first apply AASB 17 and AASB 9 at the same time
C28A An entity that first applies AASB 17 and AASB 9 at the same time is permitted to apply paragraphs C28B–C28E (classification overlay) for the purpose of presenting comparative information about a financial asset if the comparative information for that financial asset has not been restated for AASB 9. Comparative information for a financial asset will not be restated for AASB 9 if either the entity chooses not to restate prior periods (see paragraph 7.2.15 of AASB 9), or the entity restates prior periods but the financial asset has been derecognised during those prior periods (see paragraph 7.2.1 of AASB 9).
C28B An entity applying the classification overlay to a financial asset shall present comparative information as if the classification and measurement requirements of AASB 9 had been applied to that financial asset.