Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p91
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 243767–246772

lease liability separately from the depreciation charge for the right-of-use asset. Paragraph 61 of AASB 18 Presentation and Disclosure in Financial Statements requires an entity to classify in the financing category of the statement of profit or loss interest Interest expense on the lease liability, identified by the entity applying paragraph 36(a)is a component of finance costs, which paragraph 82(b) of AASB 101 Presentation of Financial Statements requires to be presented separately in the statement of profit or loss and other comprehensive income.
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Appendix C
Effective date and transition
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Effective date
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C1E AASB 18 issued in June 2024 amended paragraphs 49 and C5. An entity shall apply those amendments when it applies AASB 18.

A footnote is added to 'AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;' in paragraph C5(a). New text is underlined.

  1 When it issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024, the AASB changed the title of AASB 108 to Basis of Preparation of Financial Statements.

AASB 17 Insurance Contracts (July 2017)
Paragraphs 91, 96, 103 and B129 are amended and paragraph C2B is added. New text is underlined and deleted text is struck through.

Recognition and presentation in the statement(s) of financial performance (paragraphs B120–B136)
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Insurance finance income or expenses (see paragraphs B128–B136)
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91 If an entity transfers a group of insurance contracts or derecognises an insurance contract applying paragraph 77:
(a) it shall reclassify to profit or loss as a reclassification adjustment (see AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements) any remaining amounts for the group (or contract) that were previously recognised in other comprehensive income because the entity chose the accounting policy set out in paragraph 88(b).
(b) it shall not reclassify to profit or loss as a reclassification adjustment (see AASB 18AASB 101) any remaining amounts for the group (or contract) that were previously recognised in other comprehensive income because the entity chose the accounting policy set out in paragraph 89(b).
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Disclosure
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96 Paragraphs 41–43 of AASB 18 Paragraphs 29–31 of AASB 101 set out requirements relating to materiality and aggregation and disaggregation of information. Examples of characteristics aggregation bases that might be appropriate as a basis to disaggregate for information disclosed about insurance contracts are:
(a) type of contract (for example, major product lines);
(b) geographical area (for example, country or region); or
(c) reportable segment, as defined in AASB 8 Operating Segments.

Explanation of recognised amounts
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103 An entity shall separately disclose in the reconciliations required in paragraph 100 each of the following amounts related to services, if applicable:
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(c) investment components excluded from insurance revenue and insurance service