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AASB Standard  AASB 2022-1
               March 2022

Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information
[AASB 17]

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

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© Commonwealth of Australia 2022
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ISSN 1036-4803

Contents

Preface
Accounting Standard
AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information

from page
Objective 5
Application 5
Amendments to AASB 17 5
Commencement of the legislative instrument 7

aVailable on the AASB website
IASB Basis for Conclusions – Amendments

Australian Accounting Standard AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information is set out on pages 5 – 7. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-1
This Standard makes amendments to AASB 17 Insurance Contracts (July 2017).
These amendments arise from the issuance of International Financial Reporting Standard Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) by the International Accounting Standards Board (IASB) in December 2021.

Main features of this Standard

Main requirements
This Standard amends AASB 17 to add a transition option referred to as 'a classification overlay' relating to comparative information about financial assets presented on initial application of AASB 17 and AASB 9 Financial Instruments at the same time. The amendments relate to financial assets for which comparative information presented on initial application of AASB 17 and AASB 9 has not been restated for AASB 9. Applying the transition option would permit an entity to present comparative information about such a financial asset as if the classification and measurement requirements of AASB 9 had been applied to that financial asset. This enables insurers to reduce potentially significant accounting mismatches between financial