Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p112
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 294568–297478

AASB 4, AASB 1023 or AASB 1038;
(f) ...

Effective date
 ...
103 AASB 17, issued in July 2017, amended paragraph 5. An entity shall apply that amendment when it applies AASB 17.

AASB 138 Intangible Assets (August 2015, as amended)

Paragraph 3 is amended. Paragraph 130M is added.

Scope
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3 If another Standard prescribes the accounting for a specific type of intangible asset, an entity applies that Standard instead of this Standard. For example, this Standard does not apply to:
(a) …
(g) deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the scope of AASB 4 AASB 17 Insurance Contracts and any assets for insurance acquisition cash flows as defined in AASB 17. AASB 4 sets out specific disclosure requirements for those deferred acquisition costs but not for those intangible assets. Therefore, the disclosure requirements in this Standard apply to those intangible assets.
(h) ...

Transitional provisions and effective date
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130M AASB 17, issued in July 2017, amended paragraph 3. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 3. An entity shall apply that amendment when it applies AASB 17.

AASB 140 Investment Property (August 2015, as amended)

Paragraph 32B is amended. Paragraph 85H is added.

Accounting policy
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32B Some insurers and other entities operate, either internally or externally, an investment an internal property fund that provides investors with benefits determined by units in the fund. issues notional units, with some units held by investors in linked contracts and others held by the entity. Similarly, some entities issue insurance contracts with direct participation features, for which the underlying items include investment property. For the purposes of paragraphs 32A–32B only, insurance contracts include investment contracts with discretionary participation features. Paragraph 32A does not permit an entity to measure the property held by the fund (or property that is an underlying item) partly at cost and partly at fair value. (See AASB 17 Insurance Contracts for terms used in this paragraph that are defined in that Standard.)
 ...

Effective date
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85H AASB 17, issued in July 2017, amended paragraph 32B. An entity shall apply that amendment when it applies AASB 17.

AASB 1023 General Insurance Contracts (July 2004, as amended)

Paragraph 1.1 is amended.

     1 Application

1.1 This Standard 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;
(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