Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p113
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
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Character Range: 297211–300146

and that is a reporting entity;
(ab) general purpose financial statements of each other not-for-profit public sector reporting entity; and
(bc) financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.

AASB 1038 Life Insurance Contracts (July 2004, as amended)

Paragraph 1.1 is amended.

     1 Application

1.1 This Standard applies to each entity that is:
(a) a life insurer; or
(b) the parent in a group that includes a life insurer;
when the entity is a not-for-profit public sector entity that:
(c) is a reporting entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(dc) is an other a reporting entity and prepares general purpose financial statements; or
(ed) prepares financial statements that are, or are held out to be, general purpose financial statements.

AASB 1057 Application of Australian Accounting Standards (July 2015, as amended)

Paragraphs 5, 12 and 26 are amended. Paragraphs 5A, 6A and 11A are added.

Application of Australian Accounting Standards
5 Unless otherwise specified in paragraphs 65A–21, Australian Accounting Standards apply to:
(a) …
5A AASB 4 Insurance Contracts applies to:
(a) general purpose financial statements of each not-for-profit public sector reporting entity; and
(b) financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.
 …
6A AASB 17 Insurance Contracts applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements;
except when the entity is:
(d) a superannuation entity applying AASB 1056; or
(e) a not-for-profit public sector entity.
 …
11A AASB 1023 General Insurance Contracts applies to:
(a) general purpose financial statements of each not-for-profit public sector reporting entity; and
(b) financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.
12 AASB 1038 Life Insurance Contracts applies to:
(a) a life insurer; or
(b) the parent in a group that includes a life insurer;
when the entity is a not-for-profit public sector entity that:
(c) is a reporting entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(dc) is an other a reporting entity and prepares general purpose financial statements; or
(ed) prepares financial statements that are, or are held out to be, general purpose financial statements.
 …

Application of Australian Interpretations
 …
26 Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations