Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p115
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 302571–305553

that are, or are held out to be, general purpose financial statements.

Compilation details
Accounting Standard AASB 17 Insurance Contracts (as amended)

Compilation details are not part of AASB 17.

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  It takes into account amendments up to and including 15 December 2022 and was prepared on 6 April 2023 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB.  Instead, it is a representation of AASB 17 (July 2017) as amended by other Accounting Standards, which are listed in the table below.

Table of Standards

Standard     Date made    FRL identifier  Commence-ment date  Effective date          Application, saving or transitional provisions
                                                              (annual periods
                                                              … on or after …)

AASB 17      19 Jul 2017  F2017L01184     31 Dec 2022         (beginning) 1 Jan 2023  see (a) below
AASB 2019-1  21 May 2019  F2019L00966     31 Dec 2019         (beginning) 1 Jan 2020  see (b) below
AASB 2020-5  27 Jul 2020  F2020L01007     31 Dec 2020         (beginning) 1 Jan 2021  see (c) below
AASB 2021-7  20 Dec 2021  F2021L01883     31 Dec 2021         (beginning) 1 Jan 2023  see (d) below
AASB 2022-1  18 Mar 2022  F2022L00398     31 Dec 2022         (beginning) 1 Jan 2023  see (d) below
AASB 2022-8  15 Dec 2022  F2023L00014     31 Dec 2022         (beginning) 1 Jan 2023  see (d) below
AASB 2022-9  15 Dec 2022  F2023L00015     30 Jun 2026         (beginning) 1 Jul 2026  not compiled*

   * The amendments made by this Standard are not included in this compilation, which presents the principal Standard as applicable to annual periods beginning on or after 1 January 2023 but before 1 July 2026.

   (a) AASB 17 applies to annual reporting periods beginning on or after 1 January 2023 (instead of 1 January 2021) as a result of amendments made by AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts. Entities may elect to apply AASB 17 to periods beginning before 1 January 2023, provided that AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers are also applied on or before the date of initial application of this Standard.

   (b) Entities may elect to apply this Standard to annual periods beginning before 1 January 2020.

   (c) Entities may elect to apply this Standard to annual periods beginning before 1 January 2021. AASB 2020-5 deferred the effective date of AASB 17 to annual periods beginning on or after 1 January 2023, instead of 1 January 2021, and also deferred the legal commencement date accordingly.

   (d)  Entities may elect to apply this Standard to annual periods beginning before 1 January 2023.

Table of amendments

Paragraph affected                          How affected  By