Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p111
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 291909–294790

default by the borrower. A contingent right and obligation meet the definition of a financial asset and a financial liability, even though such assets and liabilities are not always recognised in the financial statements. Some of these contingent rights and obligations may be insurance contracts within the scope of AASB 4 AASB 17.

Presentation

      ...

     Treasury shares (paragraphs 33 and 34) (paragraphs 33–34)

     AG36 An entity's own equity instruments are not recognised as a financial asset regardless of the reason for which they are reacquired. Paragraph 33 requires an entity that reacquires its own equity instruments to deduct those equity instruments from equity (but see also paragraph 33A). However, when an entity holds its own equity on behalf of others, eg a financial institution holding its own equity on behalf of a client, there is an agency relationship and as a result those holdings are not included in the entity's statement of financial position.

AASB 136 Impairment of Assets (August 2015, as amended)

Paragraph 2 is amended. Paragraph 140N is added.

Scope
2 This Standard shall be applied in accounting for the impairment of all assets, other than:
(a) ...
(h) deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the scope of AASB 4 AASB 17 Insurance Contracts, AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts that are assets and any assets for insurance acquisition cash flows as defined in AASB 17; and
(i) …

Transition provisions and effective date
 …
140N AASB 17, issued in July 2017, amended paragraph 2. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 2. An entity shall apply that amendment when it applies AASB 17.

AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015, as amended)

Paragraph 5 is amended. Paragraph 103 is added.

Scope
 ...
5 When another Standard deals with a specific type of provision, contingent liability or contingent asset, an entity applies that Standard instead of this Standard. For example, some types of provisions are addressed in Standards on:
(a) ...
(e) insurance contracts and other contracts within the scope of (see AASB 4 AASB 17 Insurance Contracts, AASB 1023 General Insurance Contracts, and AASB 1038 Life Insurance Contracts). However, this Standard applies to provisions, contingent liabilities and contingent assets of an insurer, other than those arising from its contractual obligations and rights under insurance contracts within the scope of AASB 4, AASB 1023 or AASB 1038;
(f) ...

Effective date
 ...
103 AASB 17, issued in July 2017, amended paragraph 5. An entity shall apply that amendment when it applies AASB 17.

AASB 138 Intangible Assets (August 2015, as