Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p12
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 30441–31750

to have any application. Those Standards will then be repealed through AASB 17 and the paragraphs referring to AASB 4 and AASB 1023 that have been added or amended by this Standard will be deleted from the various Standards.

Withdrawal of AASB 1038 and Interpretation 1047
     BC5               In addition, the Board observed that AASB 1038 Life Insurance Contracts and Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations are not relevant to public sector entities. Since private sector entities will be applying AASB 17 for annual periods beginning on or after 1 January 2023, AASB 1038 and Interpretation 1047 would become redundant for such periods.
     BC6               Therefore, this Standard also repeals AASB 1038 and supersedes Interpretation 1047 for annual reporting periods beginning on or after 1 January 2023.

Due process
     BC7               In March 2022, the Board issued a Fatal-Flaw Review (FFR) draft version of the Standard to propose the amendments described above.
     BC8               The comment period for the FFR draft closed on 8 June 2022. No formal submissions were received on the FFR draft; however, the Board received supportive informal feedback. Accordingly, the Board concluded that it would proceed with the amendments.