Document ID: chunk:federal_register_of_legislation:F2023C00194:body:0:p32
Version: federal_register_of_legislation:F2023C00194
Segment Type: other
Provision Reference: 
Character Range: 84117–87118

is not the same or similar to the probability of adequacy disclosed in paragraph 17.8(d)(iv), the reasons for the difference; and
(f) where a surplus has been identified, the fact that the liability adequacy test identified a surplus.

Other Disclosures
17.9.1 This Standard addresses disclosure requirements in relation to general insurance contracts.  Other Australian Accounting Standards may be relevant to a general insurer's financial statements.  In particular, the disclosure requirements in AASB 7 would normally be relevant to general insurers.

18 Transitional Provisions

18.1 An entity need not apply the disclosure requirements in this Standard to comparative information that relates to annual periods beginning before 1 January 2005, except for the disclosures required by paragraphs 17.6.1(a) and 17.6.1(b) about accounting policies, and recognised assets, liabilities, income and expense and cash flows.
18.2 Where an entity applies the disclosure requirements in this Standard to comparative information that relates to annual periods beginning before 1 January 2005, if it is impracticable to apply a particular requirement of this Standard to comparative information that relates to annual periods beginning before 1 January 2005, an entity shall disclose that fact.  AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors explains the term "impracticable".
18.3 In applying paragraph 17.7.1(b)(iii), an entity need not disclose information about claims development that occurred earlier than five years before the end of the first annual reporting period in which it applies this Standard.  Furthermore, if it is impracticable, when an entity first applies this Standard, to prepare information about claims development that occurred before the beginning of the earliest period for which an entity presents full comparative information that complies with this Standard, the entity shall disclose that fact.
18.3.1 There are also references to transitional measurement requirements in paragraphs 15.2.1, 15.2.2, 15.5, 15.5.2, 16.1 and 16.1.1.
18.4 [Deleted by the AASB]

18.5 [Deleted by the AASB]

19 Definitions

19.1 In this Standard:
attachment date means, for a direct insurer, the date as from which the insurer accepts risk from the insured under an insurance contract or endorsement or, for a reinsurer, the date from which the reinsurer accepts risk from the direct insurer or another reinsurer under a reinsurance arrangement
cedant means the policyholder under a reinsurance contract
claim means a demand by any party external to the entity for payment by the insurer on account of an alleged loss resulting from an insured event or events, that have occurred, alleged to be covered by an insurance contract
claims expense means the charge to the statement of comprehensive income for the reporting period and represents the sum of claims settled and claims management expenses relating to claims incurred in the period and the movement in the gross