Document ID: chunk:federal_register_of_legislation:F2021L01883:body:0:p10
Version: federal_register_of_legislation:F2021L01883
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Character Range: 27563–30872

Below the heading "References", the reference to AASB 139 Financial Instruments: Recognition and Measurement is deleted.

     Amendments to the Conceptual Framework for Financial Reporting
     59                    In the Appendix of defined terms accompanying the Conceptual Framework, the definition of 'material information' is amended as follows:

           Information whose omission or misstatement could is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial reports make on the basis of those reports, which provide financial information about a specific reporting entity.

     Amendments to AASB Practice Statement 2 Making Materiality Judgements
     60                    In footnote 8 to paragraph 8, and also in paragraph 73, the title of AASB 108, "Accounting Policies, Changes in Accounting Estimates and Errors", is added after the reference to AASB 108.
     61                    In footnote 35 to paragraph 67, the text "Australian Accounting Standards – Reduced Disclosure Requirements" is amended to read "Australian Accounting Standards – Simplified Disclosures".

Editorial corrections from 1 January 2023
     62                    The following editorial corrections apply to annual periods beginning on or after 1 January 2023. Earlier application is permitted.

     Amendments to AASB 17 Insurance Contracts
     63                    The defined term "insurance risk" is italicised in paragraph 7(h) instead of paragraph 8(c).
     64                    The defined term "insured event" is italicised in paragraph 8A (as "insured events") instead of in paragraph 127.
     65                    In paragraph 14, the text "portfolios of insurance contracts" is amended to remove the italics, as the defined term appears in italics in an earlier paragraph.
     66                    In paragraph 28E, the text "If entity identifies an impairment loss" is amended to read "If an entity identifies an impairment loss".
     67                    In paragraph C5B(a), the text "paragraphs C14B–C14D" is amended to read "paragraphs C14B–C14D and C17A".
     68                    Paragraph C24A is amended as follows:

          C24A In applying the fair value approach for an asset for insurance acquisition cash flows … at the transition date for the rights to obtain:

               (a) recoveries of insurance acquisition cash flows from premiums of insurance contracts issued before the transition date but not recognised at the transition date;

               (b) future insurance contracts that are renewals of insurance contracts recognised at the date of the transaction transition date and insurance contracts described in (a); and

               (c) future insurance contracts, other than those in (b), after the date of the transaction transition date without paying again insurance acquisition cash flows the acquiree entity has already paid that are directly attributable to the related portfolio of insurance contracts.

     69                    In the amendments to AASB 3 Business Combinations in Appendix D, the heading "Insurance contracts" before paragraph 31A is demoted to the same level as the heading "Assets held for sale" before paragraph 31 of AASB