Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p7
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 16890–19845

However, an entity may choose to apply this Standard to insurance contracts that have as their primary purpose the provision of services for a fixed fee in accordance with paragraph 8 of AASB 17;
(c) …
…
          Aus5.3 Further to paragraph 5, public sector entities shall not apply this Standard to insurance contracts within the scope of AASB 4 Insurance Contracts.

Amendments to AASB 17 Insurance Contracts (July 2017)

In Appendix C, paragraph AusC1.1, a heading and paragraphs AusC34.1 and AusC34.2 are added. Paragraph C1 is not amended but is included for reference.

Effective date

     C1 An entity shall apply AASB 17 for annual reporting periods beginning on or after 1 January 2023. If an entity applies AASB 17 earlier, it shall disclose that fact. Early application is permitted for entities that apply AASB 9 Financial Instruments on or before the date of initial application of AASB 17.

          AusC1.1 Notwithstanding paragraph C1, this Standard applies to public sector entities for annual reporting periods beginning on or after 1 July 2026. Early application is permitted. If a public sector entity applies this Standard earlier, it shall disclose that fact.

…

Withdrawal of AASB pronouncements
          AusC34.1 This Standard repeals AASB 1038 Life Insurance Contracts issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
          [Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]
          AusC34.2 When applied or operative, this Standard supersedes Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations.

Amendments to AASB 119 Employee Benefits (August 2015)

Footnote Aus1 is added to the definition of 'qualifying insurance policy' in paragraph 8, following footnote 1.

Definitions
8 The following terms are used in this Standard with the meanings specified:

…

A qualifying insurance policy is an insurance policy1, Aus1 issued by an insurer that is not a related party …

        1 A qualifying insurance policy is not necessarily an insurance contract, as defined in AASB 17 Insurance Contracts.

        Aus1 For public sector entities, a qualifying insurance policy is not necessarily an insurance contract, as defined in AASB 4 Insurance Contracts.

Amendments to AASB 132 Financial Instruments: Presentation (August 2015)

Paragraphs Aus4.1, Aus4.2 and AusAG8.1 are added. Paragraphs 4 and AG8 are not amended but are included for reference.

Scope
4 This Standard shall be applied by all entities to all types of financial instruments except:
(a) …
(d)