Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p10
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 24941–27957

in this Standard apply to those intangible assets.

Amendments to AASB 1057 Application of Australian Accounting Standards (July 2015)

Paragraphs 5A, 6A and 11A are amended. Paragraphs 12 and 26 are deleted.

Application of Australian Accounting Standards
5A AASB 4 Insurance Contracts applies to:
(a) general purpose financial statements of each not-for-profit public sector reporting entity; and
(b) financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.;
     in respect of annual periods beginning before 1 July 2026. However, a public sector entity may elect to apply AASB 17 Insurance Contracts instead of AASB 4.
          …
6A AASB 17 Insurance Contracts applies as set out in paragraph 5, except when the entity is:
(a) a superannuation entity applying AASB 1056; or
(b) a not-for-profit public sector entity.
     However, a public sector entity may elect to apply AASB 17 instead of both AASB 4 and AASB 1023 General Insurance Contracts.
 …
11A AASB 1023 General Insurance Contracts applies to:
(a) general purpose financial statements of each not-for-profit public sector reporting entity; and
(b) financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.;
     in respect of annual periods beginning before 1 July 2026. However, a public sector entity may elect to apply AASB 17 Insurance Contracts instead of AASB 1023.
12 [Deleted] AASB 1038 Life Insurance Contracts applies to:
(a)    a life insurer; or
(b)    the parent in a group that includes a life insurer;
when the entity is a not-for-profit public sector entity that:
(c)    is a reporting entity and prepares general purpose financial statements; or
(d)    prepares financial statements that are, or are held out to be, general purpose financial statements.
          …

Application of Australian Interpretations
          …

     26 [Deleted] Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations applies to entities that are or include medical defence organisations as follows:
(a)    general purpose financial statements of each not-for-profit public sector reporting entity; and
(b)    financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.

Amendments to AASB 1058 Income of Not-for-Profit Entities (December 2016)

Paragraph Aus7.1 is added. Paragraph 7 is not amended but is included for reference.

Scope (paragraphs B2-B11)
7 An entity shall apply this Standard to transactions where the consideration to acquire an asset is significantly less than fair value principally to enable the entity to further its objectives, and the receipt of volunteer services, except for:
(a) …
(c) contracts within the scope of AASB 17 Insurance Contracts;
(d) …
          Aus7.1 Further to paragraph 7, public sector entities shall not apply this Standard to