Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p2
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are permitted to continue to apply AASB 4 and AASB 1023 to annual periods beginning on or after 1 January 2023 but before 1 July 2026.
This Standard also repeals AASB 1038 and supersedes Interpretation 1047 for annual periods beginning on or after 1 January 2023, on the basis that AASB 17 applies to those periods in respect of private sector entities and the pronouncements are not relevant to public sector entities.

   Application date
This Standard applies to annual periods beginning on or after 1 January 2023. Earlier application is permitted.

Accounting Standard AASB 2022-8
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 15 December 2022 Chair – AASB

Accounting Standard AASB 2022-8
Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments

Objective

This Standard amends:

     (a)                   AASB 1 First-time Adoption of Australian Accounting Standards (July 2015);

     (b)                   AASB 3 Business Combinations (August 2015);

     (c)                   AASB 5 Non-current Assets Held for Sale and Discontinued Operations (August 2015);

     (d)                   AASB 7 Financial Instruments: Disclosures (August 2015);

     (e)                   AASB 9 Financial Instruments (December 2014);

     (f)                    AASB 15 Revenue from Contracts with Customers (December 2014);

     (g)                   AASB 17 Insurance Contracts (July 2017);

     (h)                   AASB 119 Employee Benefits (August 2015);

     (i)                    AASB 132 Financial Instruments: Presentation (August 2015);

     (j)                    AASB 136 Impairment of Assets (August 2015);

     (k)                   AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015);

     (l)                    AASB 138 Intangible Assets (August 2015);

     (m)                 AASB 1057 Application of Australian Accounting Standards (July 2015); and

     (n)                   AASB 1058 Income of Not-for-Profit Entities (December 2016);

to permit public sector entities to continue applying AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts to annual periods beginning on or after 1 January 2023 but before 1 July 2026.

This Standard also amends AASB 17 to repeal AASB 1038 Life Insurance Contracts (July 2004) and supersede Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations for annual periods beginning on or after 1 January 2023.

Application

The amendments set out in this Standard apply to entities and financial statements in accordance with the application of the other Standards set out in AASB 1057 Application of Australian Accounting Standards.

This Standard applies to annual periods beginning on or after 1 January 2023, with earlier application permitted.

This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Amended paragraphs are shown with deleted text struck through and new