Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p107
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 281389–284325

July 2017, amended paragraphs 7, 54 and 82. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 54. An entity shall apply those amendments when it applies AASB 17.

AASB 107 Statement of Cash Flows (August 2015, as amended)

Paragraph 14 is amended. Paragraph 61 is added.

Operating activities
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14 Cash flows from operating activities are primarily derived from the principal revenue-producing activities of the entity. Therefore, they generally result from the transactions and other events that enter into the determination of profit or loss. Examples of cash flows from operating activities are:
(a) …
(e) [deleted] cash receipts and cash payments of an insurance entity for premiums and claims, annuities and other policy benefits;
(f) …

Effective date
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61 AASB 17 Insurance Contracts, issued in July 2017, amended paragraph 14. An entity shall apply that amendment when it applies AASB 17.

AASB 116 Property, Plant and Equipment (August 2015, as amended)

Paragraphs 29A, 29B and 81M are added.

Measurement after recognition
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29A Some entities operate, either internally or externally, an investment fund that provides investors with benefits determined by units in the fund. Similarly, some entities issue groups of insurance contracts with direct participation features and hold the underlying items. Some such funds or underlying items include owner-occupied property. The entity applies AASB 116 to owner-occupied properties that are included in such a fund or are underlying items. Despite paragraph 29, the entity may elect to measure such properties using the fair value model in accordance with AASB 140. For the purposes of this election, insurance contracts include investment contracts with discretionary participation features. (See AASB 17 Insurance Contracts for terms used in this paragraph that are defined in that Standard).
29B An entity shall treat owner-occupied property measured using the investment property fair value model applying paragraph 29A as a separate class of property, plant and equipment.
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Effective date
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81M AASB 17, issued in July 2017, added paragraphs 29A and 29B. An entity shall apply those amendments when it applies AASB 17.

AASB 119 Employee Benefits (August 2015, as amended)

The footnote to paragraph 8 is amended. Paragraph 178 is added.

 A qualifying insurance policy is not necessarily an insurance contract, as defined in AASB 4 AASB 17 Insurance Contracts.
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Transition and effective date
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178 AASB 17, issued in July 2017, amended the footnote to paragraph 8. An entity shall apply that amendment when it applies AASB 17.

AASB 128 Investments in Associates and Joint Ventures (August 2015, as amended but excluding AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014 – 2016 Cycle and Other Amendments)