Document ID: chunk:federal_register_of_legislation:F2022L00398:body:0:p2
Version: federal_register_of_legislation:F2022L00398
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Character Range: 2931–5921

permit an entity to present comparative information about such a financial asset as if the classification and measurement requirements of AASB 9 had been applied to that financial asset. This enables insurers to reduce potentially significant accounting mismatches between financial assets and insurance contract liabilities in the comparative period (or periods), to improve the usefulness of the comparative information in the general purpose financial statements.

Application date
This Standard applies to annual periods beginning on or after 1 January 2023. Earlier application is permitted.

Accounting Standard AASB 2022-1
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information under section 334 of the Corporations Act 2001.
                       Keith Kendall
  Dated 18 March 2022  Chair – AASB

Accounting Standard AASB 2022-1
Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information

Objective
This Standard amends AASB 17 Insurance Contracts (July 2017) as a consequence of the issuance of International Financial Reporting Standard Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) by the International Accounting Standards Board in December 2021.

Application
The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 17 set out in AASB 1057 Application of Australian Accounting Standards.
This Standard applies to annual periods beginning on or after 1 January 2023. This Standard may be applied to annual reporting periods beginning before 1 January 2023.
Ellipses (…) are used in this Standard to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to AASB 17 Insurance Contracts
Paragraphs C2A, C28A–C28E and C33A and the heading before paragraph C28A are added. For ease of reading these paragraphs have not been underlined as new text. Paragraph C29 is not amended, but is included for reference.

Appendix C
Effective date and transition
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Effective date
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C2A AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information, issued in March 2022, added paragraphs C28A–C28E and C33A. An entity that chooses to apply paragraphs C28A–C28E and C33A shall apply them on initial application of AASB 17.

Transition
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Comparative information
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Entities that first apply AASB 17 and AASB 9 at the same time
C28A An entity that first applies AASB 17 and AASB 9 at the same time is permitted to apply paragraphs C28B–C28E (classification overlay) for the purpose of presenting comparative information about a financial asset if the comparative information for that financial asset has not been restated for AASB 9.