Document ID: chunk:federal_register_of_legislation:C2024A00052:clause:6_14
Version: federal_register_of_legislation:C2024A00052
Segment Type: clause
Provision Reference: sch 6 cl 14
Character Range: 41327–42255

14  Subsection 995‑1(1)
Insert:
applicable insurance contracts accounting standard means:
 (a) unless paragraph (b) applies—*accounting standard AASB 17, as in force on 31 December 2022; or
 (b) if the regulations prescribe another accounting standard (which may be AASB 17 as in force at another time)—that accounting standard.
asset for insurance acquisition cash flows has the same meaning as in the *applicable insurance contracts accounting standard.
liability for incurred claims has the same meaning as in the *applicable insurance contracts accounting standard.
Note: For how to work out the adjusted liability for incurred claims, see section 321‑20.
liability for remaining coverage has the same meaning as in the *applicable insurance contracts accounting standard.
Note: For how to work out the adjusted liability for remaining coverage, see section 321‑60.

Part 2—Other amendments

Income Tax Assessment Act 1997