Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p94
Version: federal_register_of_legislation:F2023C00382
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of the Australian Accounting Standards Board issuing AASB 17 Insurance Contracts. An entity shall apply these amendments when it applies AASB 17.
An entity is not permitted to apply AASB 17 before applying AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers (see paragraph C1).
Amendments are made to the latest principal version of a Standard (or an Interpretation) as subsequently amended, unless otherwise indicated.
The amendments set out in this appendix also apply, as far as possible and necessary, to earlier principal versions of the Standards and Interpretations that are identified in this appendix when this Standard is applied prior to 1 January 2023.
This appendix uses underlining, striking out and other typographical material to identify some of the amendments to a Standard or an Interpretation, in order to make the amendments more understandable.  However, the amendments made by this appendix do not include that underlining, striking out or other typographical material.  Amended paragraphs are shown with deleted text struck through and new text is underlined.  Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

AASB 1 First-time Adoption of Australian Accounting Standards (July 2015, as amended)

Paragraph 39AE is added.

Effective date
 …
39AE AASB 17 Insurance Contracts, issued in July 2017, amended paragraphs B1 and D1, deleted the heading before paragraph D4 and paragraph D4, and after paragraph B12 added a heading and paragraph B13. An entity shall apply those amendments when it applies AASB 17.

In Appendix B, paragraph B1 is amended. After paragraph B12, a heading and paragraph B13 are added.

Appendix B
Exceptions to the retrospective application of other Australian Accounting Standards
 …
B1 An entity shall apply the following exceptions:
(a) …
(f) embedded derivatives (paragraph B9); and
(g) government loans (paragraphs B10–B12).; and
(h) insurance contracts (paragraph B13).
 …

Insurance contracts
B13 An entity shall apply the transition provisions in paragraphs C1–C24 and C28 in Appendix C of AASB 17 to contracts within the scope of AASB 17. The references in those paragraphs in AASB 17 to the transition date shall be read as the date of transition to Australian Accounting Standards.

In Appendix D, paragraph D1 is amended and paragraph D4 and its related heading are deleted.

Appendix D
Exemptions from other Australian Accounting Standards
 …
D1 An entity may elect to use one or more of the following exemptions:
(a) …
(b) [deleted]insurance contracts (paragraph D4);
(c) …

Insurance contracts
D4 [Deleted]A first–time adopter may apply the transitional provisions in AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts. AASB 4 restricts changes in accounting policies for