Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p99
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 260536–263401

AASB 9; (ii) those measured as such in accordance with the election in paragraph 3.3.5 of AASB 9; (iii) those measured as such in accordance with the election in paragraph 33A of AASB 132 and (iiiv) those mandatorily measured at fair value through profit or loss in accordance with AASB 9.
(b) …

Fair value
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29 Disclosures of fair value are not required:
(a) …
(c) [deleted]for a contract containing a discretionary participation feature (as described in AASB 4) if the fair value of that feature cannot be measured reliably.
30 [Deleted]In the case described in paragraph 29(c), an entity shall disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those contracts and their fair value, including:
(a) the fact that fair value information has not been disclosed for these instruments because their fair value cannot be measured reliably;
(b) a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;
(c) information about the market for the instruments;
(d) information about whether and how the entity intends to dispose of the financial instruments; and
(e) if financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.
 ...

Effective date and transition
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44DD AASB 17, issued in July 2017, amended paragraphs 3, 8 and 29 and deleted paragraph 30. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 3. An entity shall apply those amendments when it applies AASB 17.

AASB 7 Financial Instruments: Disclosures (August 2015, as amended, including by AASB 16)

The following amendments apply only when AASB 17 is applied in conjunction with AASB 16.
Paragraphs 3, 8 and 29 are amended. Paragraph 30 is deleted. Paragraph 44DD is added.

Scope
3 This Standard shall be applied by all entities to all types of financial instruments, except:
(a) …
(d) insurance contracts as defined in AASB 4 AASB 17 Insurance Contracts or investment contracts with discretionary participation features within the scope of AASB 17. However, this Standard applies to:
(i) derivatives that are embedded in insurance contracts within the scope of AASB 17, if AASB 9 requires the entity to account for them separately.
(ii) investment components that are separated from contracts within the scope of AASB 17, if AASB 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features.
               (iii) an issuer's rights and obligations arising under insurance contracts that meet the definition of