Document ID: chunk:federal_register_of_legislation:F2023L00015:reg:14
Version: federal_register_of_legislation:F2023L00015
Segment Type: reg
Provision Reference: reg 14
Character Range: 28087–29934

14                    Paragraph AusC34.3 is added. Paragraphs AusC34.1 and AusC34.2 are not amended but are included for reference.

      Withdrawal of AASB pronouncements

               AusC34.1 This Standard repeals AASB 1038 Life Insurance Contracts issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.

               [Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

               AusC34.2 When applied or operative, this Standard supersedes Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations.

               AusC34.3 This Standard (as amended by AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector) repeals the following Standards:

                    (a) AASB 4 Insurance Contracts issued in August 2015; and

                    (b) AASB 1023 General Insurance Contracts issued in July 2004.

               Despite the repeal, after the time this Standard (as amended) starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standards continue to apply in relation to any period ending before that time as if the repeal had not occurred.

               [Note: When this Standard (as amended) applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standards.]