Document ID: chunk:federal_register_of_legislation:F2023C00382:reg:66:p2
Version: federal_register_of_legislation:F2023C00382
Segment Type: reg
Provision Reference: reg 66 (pt 2/8)
Character Range: 313344–317182

2020-5 [page 32]
 C18-C19                                    amended       AASB 2020-5 [page 32]
 C19A                                       added         AASB 2020-5 [page 32]
 C20A-C20B                                  added         AASB 2020-5 [page 33]
 C21                                        amended       AASB 2020-5 [page 33]
 C22A                                       added         AASB 2020-5 [page 33]
 C24A (and preceding heading)               added         AASB 2020-5 [page 33]
 C24A                                       amended       AASB 2021-7 [68]
 C24B                                       added         AASB 2020-5 [page 33]
 C28A-C28E (and preceding heading)          added         AASB 2022-1 [page 6]
 C33A                                       added         AASB 2022-1 [page 7]
 AusC34.1-AusC34.2 (and preceding heading)  added         AASB 2022-8 [page10]
 Appendix D                                 amended       AASB 2020-5 [page 34]
                                            amended       AASB 2021-7 [69, 70]

Deleted IFRS 17 text
Deleted IFRS 17 text is not part of AASB 17.
7(b) … and retirement benefit obligations reported by defined benefit retirement plans (see IAS 26 Accounting and Reporting by Retirement Benefit Plans).
C34 IFRS 17 supersedes IFRS 4 Insurance Contracts, as amended in 2016.

AASB Basis for Conclusions
This AASB Basis for Conclusions accompanies, but is not part of, AASB 17.

Introduction
AusBC1                  This Basis for Conclusions summarises the Australian Accounting Standards Board's (AASB) considerations in reaching the conclusions regarding the substantive Australian-specific issues pertinent to IFRS 17 Insurance Contracts as incorporated into AASB 17 Insurance Contracts.  In making decisions, individual Board members gave greater weight to some factors than to others.

       Australian-specific issues
AusBC2                  In issuing IFRS 17 the International Accounting Standards Board (IASB) replaced its existing Standard on insurance, namely IFRS 4 Insurance Contracts.  IFRS 4 allowed entities to use a wide variety of accounting practices for insurance contracts, reflecting national accounting requirements.  In the Australian context, those national accounting requirements (including Reduced Disclosure Requirements (RDR) concessions) were contained in:
            (a) AASB 4 Insurance Contracts;
            (b) AASB 1023 General Insurance Contracts;
            (c) AASB 1038 Life Insurance Contracts; and
            (d) Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations.
AusBC3                  In addition, AASB 1056 Superannuation Entities includes requirements applicable to a superannuation entity acting in the capacity of an insurer.
AusBC4                  IFRS 17 was developed by the IASB from a for-profit perspective.  Accordingly, and consistent with the AASB's Process for Modifying IFRSs for PBE/NFP, the AASB considered whether it would be suitable for not-for-profit (NFP) entities.
AusBC5                  Within the context of replacing existing Australian requirements and addressing NFP issues, Australian-specific issues that are the subject of this Basis for Conclusions relate to the implications for:
            (a) AASB 4, AASB 1023 and AASB 1038 (including Australian-specific disclosure requirements) – see paragraphs AusBC6–AusBC11;
            (b) Interpretation 1047 – see paragraphs AusBC14–AusBC17;
            (c) AASB 1056 – see paragraphs AusBC18–AusBC22;
            (d) NFP and public sector entities (including for-profit public sector entities) – see paragraphs AusBC23–AusBC30; and
            (e) RDR – see paragraphs AusBC31–AusBC32.
       Some of these issues have been resolved through the issue of AASB 17, others will be the subject of