Document ID: chunk:federal_register_of_legislation:F2023L00015:reg:13
Version: federal_register_of_legislation:F2023L00015
Segment Type: reg
Provision Reference: reg 13
Character Range: 26883–28087

13                    Paragraph AusC9A.1 is added to Appendix C Effective date and transition. Paragraph C9A is not amended but is included for reference.

      Transition

          …
          Assessments at inception or initial recognition
          …

          C9A To the extent permitted by paragraph C8, an entity shall classify as a liability for incurred claims a liability for settlement of claims incurred before an insurance contract was acquired in a transfer of insurance contracts that do not form a business or in a business combination within the scope of AASB 3.

               AusC9A.1 Notwithstanding paragraph C9A, a public sector entity with an arrangement constituting a liability for settlement of claims incurred before the liability was acquired in a transfer shall:

                    (a) classify the liability as a liability for incurred claims and apply AASB 17 when the entity has previously asserted explicitly that it regards the liability as an insurance liability; and

                    (b) classify the liability as a provision and apply AASB 137 when the entity has not previously asserted explicitly that it regards the liability as an insurance liability.