Document ID: chunk:federal_register_of_legislation:F2023C00382:front:0:p80
Version: federal_register_of_legislation:F2023C00382
Segment Type: other
Provision Reference: 
Character Range: 210560–213435

income by the date of the change as a reclassification adjustment in profit or loss in the period of change and in future periods, as follows:
(i) if the entity had previously applied paragraph 88(b) – the entity shall include in profit or loss the accumulated amount included in other comprehensive income before the change as if the entity were continuing the approach in paragraph 88(b) based on the assumptions that applied immediately before the change; and
(ii) if the entity had previously applied paragraph 89(b) – the entity shall include in profit or loss the accumulated amount included in other comprehensive income before the change as if the entity were continuing the approach in paragraph 89(b) based on the assumptions that applied immediately before the change.
(b) not restate prior period comparative information.
B136 When applying paragraph B135(a), an entity shall not recalculate the accumulated amount previously included in other comprehensive income as if the new disaggregation had always applied; and the assumptions used for the reclassification in future periods shall not be updated after the date of the change.

The effect of accounting estimates made in interim financial statements
B137 If an entity prepares interim financial statements applying AASB 134 Interim Financial Reporting, the entity shall make an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying AASB 17 in subsequent interim financial statements and in the annual reporting period. The entity shall apply its choice of accounting policy to all groups of insurance contracts it issues and groups of reinsurance contracts it holds.

Appendix C
Effective date and transition
This appendix is an integral part of AASB 17 Insurance Contracts.

Effective date
C1 An entity shall apply AASB 17 for annual reporting periods beginning on or after 1 January 2023. If an entity applies AASB 17 earlier, it shall disclose that fact. Early application is permitted for entities that apply AASB 9 Financial Instruments on or before the date of initial application of AASB 17.
          AusC1.1 Notwithstanding paragraph C1, this Standard applies to public sector entities for annual reporting periods beginning on or after 1 July 2026. Early application is permitted. If a public sector entity applies this Standard earlier, it shall disclose that fact.
C2 For the purposes of the transition requirements in paragraphs C1 and C3–C33:
(a) the date of initial application is the beginning of the annual reporting period in which an entity first applies AASB 17; and
(b) the transition date is the beginning of the annual reporting period immediately preceding the date of initial application.
C2A AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and