Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p6
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 14194–17121

this Standard applies to: …
          (f) …
          Aus2.1.2 Notwithstanding paragraph 2.1, public sector entities need not apply this Standard to rights and obligations arising under (i) an insurance contract as defined in AASB 4 Insurance Contracts, other than an issuer's rights and obligations arising under an insurance contract that meets the definition of a financial guarantee contract, or (ii) a contract that is within the scope of AASB 4 because it contains a discretionary participation feature. However, this Standard applies to a derivative that is embedded in a contract within the scope of AASB 4 if the derivative is not itself a contract within the scope of AASB 4. Moreover, if an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting that is applicable to insurance contracts, the issuer may elect to apply either this Standard or AASB 1023 General Insurance Contracts to such financial guarantee contracts (see paragraphs B2.5–B2.6). The issuer may make that election contract by contract, but the election for each contract is irrevocable.

Scope (Chapter 2)
B2.1 Some contracts require a payment based on climatic, geological or other physical variables. (Those based on climatic variables are sometimes referred to as 'weather derivatives'.) If those contracts are not within the scope of AASB 17 Insurance Contracts, they are within the scope of this Standard.
          AusB2.1.1 Notwithstanding paragraph B2.1, for public sector entities applying AASB 4 Insurance Contracts, contracts that require a payment based on climatic, geological or other physical variables and are not within the scope of AASB 4 or AASB 1023 General Insurance Contracts are within the scope of this Standard.
…
B2.4 This Standard applies to the financial assets and financial liabilities of insurers, other than rights and obligations that paragraph 2.1(e) excludes because they arise under contracts within the scope of AASB 17.
          AusB2.4.1 Notwithstanding paragraph B2.4, for public sector entities applying AASB 4, this Standard applies to the financial assets and financial liabilities of a public sector insurer, other than rights and obligations that paragraph Aus2.1.2 excludes because they arise under contracts within the scope of AASB 4.

Amendments to AASB 15 Revenue from Contracts with Customers (December 2014)

Paragraph Aus5.3 is added. Paragraph 5 is not amended but is included for reference.

Scope
5 An entity shall apply this Standard to all contracts with customers, except the following:
(a) …
(b) contracts within the scope of AASB 17 Insurance Contracts. However, an entity may choose to apply this Standard to insurance contracts that have as their primary purpose the provision of services for a fixed fee in accordance with paragraph 8 of AASB 17;
(c) …
…
          Aus5.3 Further to