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Compiled AASB Standard  AASB 17

Insurance Contracts

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.
Prepared on 6 April 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 4

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
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Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2023

This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IFRS 17
ACCOUNTING STANDARD
AASB 17 INSURANCE CONTRACTS

from paragraph
Objective 1
Scope 3
Combination of insurance contracts 9
Separating components from an insurance contract 10
Level of aggregation of insurance contracts 14
Recognition 25
Insurance acquisition cash flows 28A
Measurement 29
Measurement on initial recognition 32
Estimates of future cash flows 33
Discount rates 36
Risk adjustment for non-financial risk 37
Contractual service margin 38
Subsequent measurement 40
Contractual service margin 43
Onerous contracts 47
Premium allocation approach 53
Reinsurance contracts held 60
Recognition 62
Measurement 63
Premium allocation approach for reinsurance contracts held 69
Investment contracts with discretionary participation features 71
Modification and derecognition
Modification of an insurance contract 72
Derecognition 74
Presentation in the statement of financial position 78
Recognition and presentation in the statement(s) of financial performance 80
Insurance service result 83
Insurance finance income or expenses 87
Disclosure 93
Explanation of recognised amounts 97
Insurance finance income or expenses 110
Transition amounts 114
Significant judgements in applying AASB 17 117
Nature and extent of risks that arise from contracts within the scope of AASB 17 121
All types of risk—concentrations of risk 127
Insurance and market risks—sensitivity