Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p2
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 3102–6209

or expenses 110
Transition amounts 114
Significant judgements in applying AASB 17 117
Nature and extent of risks that arise from contracts within the scope of AASB 17 121
All types of risk—concentrations of risk 127
Insurance and market risks—sensitivity analysis 128
Insurance risk—claims development 130
Credit risk—other information 131
Liquidity risk—other information 132
Commencement of the legislative instrument Aus132.1
Appendices
A  Defined terms
B  Application guidance
C  Effective date and transition
D  Amendments to other Standards
COMPILATION DETAILS
Deleted IFRS 17 text

AASB Basis for Conclusions
Basis for conclusions on AASB 2022-8

AVAILABLE ON THE AASB WEBSITE
Illustrative examples on IFRS 17
Basis for Conclusions on IFRS 17

Australian Accounting Standard AASB 17 Insurance Contracts (as amended) is set out in paragraphs 1 – Aus132.1 and Appendices A – D.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 17 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS 17
AASB 17 Insurance Contracts as amended incorporates IFRS 17 Insurance Contracts as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 17) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 17 also comply with IFRS 17.
Not-for-profit entities' compliance with IFRS 17 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 17.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 17

The Australian Accounting Standards Board made Accounting Standard AASB 17 Insurance Contracts under section 334 of the Corporations Act 2001 on 19 July 2017.

This compiled version of AASB 17 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 17

Insurance Contracts

Objective
1 AASB 17 Insurance Contracts establishes principles for the recognition,