Document ID: chunk:federal_register_of_legislation:F2021C00205:body:0:p2
Version: federal_register_of_legislation:F2021C00205
Segment Type: other
Provision Reference: 
Character Range: 3044–6072

38
Disclosures about the temporary exemption from AASB 9 39B
Disclosures about the overlay approach 39K
Effective date and transition 40
Disclosure 42
Redesignation of financial assets 45
Applying AASB 4 with AASB 9
Temporary exemption from AASB 9 46
The overlay approach 48
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus45.2

Appendices
A   Defined terms
B   Definition of an insurance contract
C   Australian defined terms
COMPILATION DETAILS
Deleted IFRS 4 text

available on the AASB website
Implementation guidance on IFRS 4
Basis for Conclusions on IFRS 4

Australian Accounting Standard AASB 4 Insurance Contracts (as amended) is set out in paragraphs 1 – 51 and Appendices A – C.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in this Standard are in italics the first time they appear in the Standard.  AASB 4 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS 4
AASB 4 Insurance Contracts as amended incorporates IFRS 4 Insurance Contracts as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 4) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 4 also comply with IFRS 4.
Not-for-profit entities' compliance with IFRS 4 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 4.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 4

The Australian Accounting Standards Board made Accounting Standard AASB 4 Insurance Contracts under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 4 applies to annual periods beginning on or after 1 January 2021. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 17 September 2020 (see Compilation Details).

Accounting Standard AASB 4

Insurance Contracts

Objective
1 The objective of this Standard, in conjunction with AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts, is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this Standard as an insurer) until the AASB and the IASB complete the second phase of the project on insurance contracts.