Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p1
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 0–3081

AASB Standard  AASB 2022-8
               December 2022

Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2022

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE
ACCOUNTING STANDARD
AASB 2022-8 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – INSURANCE CONTRACTS: CONSEQUENTIAL AMENDMENTS

from page
OBJECTIVE 5
APPLICATION 5
AMENDMENTS TO AASB 1 6
AMENDMENTS TO AASB 3 6
AMENDMENTS TO AASB 5 7
AMENDMENTS TO AASB 7 7
AMENDMENTS TO AASB 9 8
AMENDMENTS TO AASB 15 9
AMENDMENTS TO AASB 17 10
AMENDMENTS TO AASB 119 10
AMENDMENTS TO AASB 132 11
AMENDMENTS TO AASB 136 12
AMENDMENTS TO AASB 137 12
AMENDMENTS TO AASB 138 12
AMENDMENTS TO AASB 1057 13
AMENDMENTS TO AASB 1058 14
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 14

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments is set out on pages 5 – 14.  All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-8
This Standard makes amendments to the Australian Accounting Standards listed on page 5 of the Standard.

Main features of this Standard

   Main requirements

AASB 17 Insurance Contracts was issued in 2017 to supersede AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts, AASB 1038 Life Insurance Contracts and Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations in respect of private sector entities and for-profit public sector entities. AASB 17 incorporates IFRS 17 Insurance Contracts, which applies to annual periods beginning on or after 1 January 2023.

However, the AASB decided to defer the mandatory application date of AASB 17 for public sector entities to annual periods beginning on or after 1 July 2026, as the AASB is amending AASB 17 for application by public sector entities. Therefore, this Standard makes amendments to the pronouncements listed on page 5 of the Standard so that public sector entities (both for-profit and not-for-profit) 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