Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p104
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 273619–276558

possible to do so without the use of hindsight. If an entity restates prior periods, the restated financial statements must reflect all the requirements in this Standard for the affected financial instruments. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application of these amendments in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application of these amendments.
7.2.41 In the reporting period that includes the date of initial application of these amendments, an entity is not required to present the quantitative information required by paragraph 28(f) of AASB 108.
7.2.42 In the reporting period that includes the date of initial application of these amendments, the entity shall disclose the following information as at that date of initial application for each class of financial assets and financial liabilities that was affected by these amendments:
(a) the previous classification, including the previous measurement category when applicable, and carrying amount determined immediately before applying these amendments;
(b) the new measurement category and carrying amount determined after applying these amendments;
(c) the carrying amount of any financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss but are no longer so designated; and
(d) the reasons for any designation or de-designation of financial liabilities as measured at fair value through profit or loss.

In Appendix B, paragraphs B2.1, B2.4, B2.5 and B4.1.30 are amended.

Scope (Chapter 2)
B2.1 Some contracts require a payment based on climatic, geological or other physical variables. (Those based on climatic variables are sometimes referred to as 'weather derivatives'.) If those contracts are not within the scope of AASB 4 AASB 17 Insurance Contracts or AASB 1023 General Insurance Contracts, they are within the scope of this Standard.
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B2.4 This Standard applies to the financial assets and financial liabilities of insurers, other than rights and obligations that paragraph 2.1(e) excludes because they arise under contracts within the scope of AASB 4 AASB 17.
B2.5 Financial guarantee contracts may have various legal forms, such as a guarantee, some types of letter of credit, a credit default contract or an insurance contract. Their accounting treatment does not depend on their legal form. The following are examples of the appropriate treatment (see paragraph 2.1(e)):
(a) Although a financial guarantee contract meets the definition of an insurance contract in AASB 4 AASB 17 (see paragraph 7(e) of AASB 17) if the risk transferred is significant, the issuer applies this