Document ID: chunk:federal_register_of_legislation:F2023C00194:body:0:p42
Version: federal_register_of_legislation:F2023C00194
Segment Type: other
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Character Range: 110211–113486

by an embedded derivative is assessed by reference to the embedded derivative.

Changes in the Level of Insurance Risk
27 Some contracts do not transfer any insurance risk to the issuer at inception, although they do transfer insurance risk at a later time.
28 A contract that qualifies as an insurance contract remains an insurance contract until all rights and obligations are extinguished or expire.

Compilation details

Accounting Standard AASB 1023 General Insurance Contracts (as amended)

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2023 but before 1 July 2026.  It takes into account amendments up to and including 15 December 2022 and was prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board (AASB).

This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1023 (July 2004) as amended by other Accounting Standards, which are listed in the table below.

Table of Standards
Standard      Date made    FRL identifier  Commence-ment date  Effective date               Application, saving or transitional provisions
                                                               (annual periods
                                                               … on or after …)
AASB 1023     15 Jul 2004  F2005B01401     24 May 2005         (beginning) 1 Jan 2005       
AASB 2005-2   3 Jun 2005   F2005L01699     30 Jun 2005         (beginning) 1 Jan 2005       
AASB 2005-4   9 Jun 2005   F2005L01708     30 Jun 2005         (beginning) 1 Jan 2006       see (a) below
AASB 2005-9   6 Sep 2005   F2005L03009     7 Oct 2005          (beginning) 1 Jan 2006       see (a) below
AASB 2005-10  5 Sep 2005   F2005L02840     27 Sep 2005         (beginning) 1 Jan 2007       see (b) below
AASB 2005-12  8 Dec 2005   F2005L04207     24 Dec 2005         (ending) 31 Dec 2005         see (c) below
AASB 2007-3   26 Feb 2007  F2007L00551     8 Mar 2007          (beginning) 1 Jan 2009       see (d) below
AASB 2007-4   30 Apr 2007  F2007L01669     16 Jun 2007         (beginning) 1 Jul 2007       see (e) below
AASB 2007-8   24 Sep 2007  F2007L04130     26 Oct 2007         (beginning) 1 Jan 2009       see (f) below
AASB 2007-10  13 Dec 2007  F2008L04269     29 Oct 2008         (beginning) 1 Jan 2009       see (f) below
AASB 2008-5   24 Jul 2008  F2008L03030     16 Aug 2008         (beginning) 1 Jan 2009       see (g) below
AASB 2009-2   22 Apr 2009  F2009L01638     9 May 2009          (beginning) 1 Jan 2009       see (h) below
                                                               and (ending) 30 Apr 2009
AASB 2009-6   25 Jun 2009  F2009L02729     17 Jul 2009         (beginning) 1 Jan 2009       see (i) below
                                                               and (ending) 30 Jun 2009
Erratum       5 Oct 2009                                       (beginning) 1 Jan 2009       see (j) below
                                                               and (ending) 30 Jun 2009
AASB 2009-11  7 Dec 2009   F2009L04690     23 Dec 2009         (beginning) 1 Jan 2018       see (k) below
AASB 2009-12  15 Dec 2009  F2009L04669     23 Dec 2009         (beginning) 1 Jan 2011       see (l) below
AASB 2010-5   27 Oct