Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p106
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 278819–281648

applies AASB 17.

AASB 101 Presentation of Financial Statements (July 2015, as amended)

Paragraphs 7, 54 and 82 are amended. Paragraph 139R is added.

Definitions
7 ...
Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other Australian Accounting Standards.
The components of other comprehensive income include:
(a) …
(g) …; and
(h) … .;
(i) insurance finance income and expenses from contracts issued within the scope of AASB 17 Insurance Contracts excluded from profit or loss when total insurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of AASB 17, or by an amount that eliminates accounting mismatches with the finance income or expenses arising on the underlying items, applying paragraph 89(b) of AASB 17; and
(j) finance income and expenses from reinsurance contracts held excluded from profit or loss when total reinsurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of AASB 17.
...

Information to be presented in the statement of financial position
54 The statement of financial position shall include line items that present the following amounts:
(a) ...
(da) portfolios of contracts within the scope of AASB 17 that are assets, disaggregated as required by paragraph 78 of AASB 17;
(e) …
(ma) portfolios of contracts within the scope of AASB 17 that are liabilities, disaggregated as required by paragraph 78 of AASB 17;
(n) ...

Information to be presented in the profit or loss section or the statement of profit or loss
82 In addition to items required by other Australian Accounting Standards, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
(a) revenue, presenting separately:
(i) interest revenue calculated using the effective interest method; and
(ii) insurance revenue (see AASB 17);
(aa) ...
(ab) insurance service expenses from contracts issued within the scope of AASB 17 (see AASB 17);
(ac) income or expenses from reinsurance contracts held (see AASB 17);
(b) ...
(bb) insurance finance income or expenses from contracts issued within the scope of AASB 17 (see AASB 17);
(bc) finance income or expenses from reinsurance contracts held (see AASB 17);
(c) ...

Transition and effective date
 …
139R AASB 17, issued in July 2017, amended paragraphs 7, 54 and 82. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 54. An entity shall apply those amendments when it applies AASB 17.

AASB 107 Statement