Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p4
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 8770–11680

3 are not amended but are included for reference.

Scope
 …
5 The measurement provisions of this Standard3 do not apply to the following assets, which are covered by the Australian Accounting Standards listed, either as individual assets or as part of a disposal group:
(a) …
(f) groups of contracts within the scope of AASB 17 Insurance Contracts.
          Aus5.1 Further to paragraph 5, for public sector entities, the measurement provisions of this Standard3 do not apply to contractual rights under insurance contracts as defined in AASB 4 Insurance Contracts.

…
        3 Other than paragraphs 18 and 19, which require the assets in question to be measured in accordance with other applicable Australian Accounting Standards.

Amendments to AASB 7 Financial Instruments: Disclosures (August 2015)

Paragraphs Aus3.1 and Aus29.1 are added. Paragraphs 3 and 29 are not amended but are included for reference.

Scope
3 This Standard shall be applied by all entities to all types of financial instruments, except:
(a) …
(d) insurance contracts as defined in AASB 17 Insurance Contracts or investment contracts with discretionary participation features within the scope of AASB 17. However, this Standard applies to:
(i) derivatives that are embedded in contracts within the scope of AASB 17, if AASB 9 requires the entity to account for them separately.
(ii) investment components that are separated from contracts within the scope of AASB 17, if AASB 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features.
               (iii) an issuer's rights and obligations arising under insurance contracts that meet the definition of financial guarantee contracts if the issuer applies AASB 9 in recognising and measuring the contracts. However, the issuer shall apply AASB 17 if the issuer elects, in accordance with paragraph 7(e) of AASB 17, to apply AASB 17 in recognising and measuring the contracts.
(iv) an entity's rights and obligations that are financial instruments arising under credit card contracts, or similar contracts that provide credit or payment arrangements, that an entity issues that meet the definition of an insurance contract if the entity applies AASB 9 to those rights and obligations in accordance with paragraph 7(h) of AASB 17 and paragraph 2.1(e)(iv) of AASB 9.
(v) an entity's rights and obligations that are financial instruments arising under insurance contracts that an entity issues that limit the compensation for insured events to the amount otherwise required to settle the policyholder's obligation created by the contract, if the entity elects, in accordance with paragraph 8A of AASB 17, to apply AASB 9 instead of AASB 17 to such contracts.
(e) …
          Aus3.1 Further to paragraph 3, public sector entities shall not apply this Standard to insurance contracts as defined in AASB