Document ID: chunk:federal_register_of_legislation:F2023L00015:front:0:p2
Version: federal_register_of_legislation:F2023L00015
Segment Type: other
Provision Reference: 
Character Range: 3079–4746

a liability for settlement of claims incurred before the liability was acquired in a transfer as either a liability for incurred claims within the scope of AASB 17 or a provision within the scope of AASB 137 Provisions, Contingent Liabilities and Contingent Assets.

This Standard also amends AASB 1050 to provide an accounting policy choice for government departments to apply either AASB 17 or AASB 137 in determining the information to be disclosed about administered captive insurer activities.

Because AASB 17 applies to all entities for annual periods beginning on or after 1 July 2026, this Standard also:

(a)                    repeals AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts; and
(b)                   reverses the temporary consequential amendments set out in AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments that amended various Standards to permit public sector entities to continue applying AASB 4 and AASB 1023 to annual periods beginning on or after 1 January 2023 but before 1 July 2026.

   Application date

This Standard applies to annual reporting periods beginning on or after 1 July 2026. Earlier application is permitted.

Accounting Standard AASB 2022-9
The Australian Accounting Standards Board makes Accounting Standard AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 15 December 2022 Chair – AASB

Accounting Standard AASB 2022-9
Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector

Objective