Document ID: chunk:federal_register_of_legislation:F2023L00014:body:0:p5
Version: federal_register_of_legislation:F2023L00014
Segment Type: other
Provision Reference: 
Character Range: 11444–14470

accordance with paragraph 8A of AASB 17, to apply AASB 9 instead of AASB 17 to such contracts.
(e) …
          Aus3.1 Further to paragraph 3, public sector entities shall not apply this Standard to insurance contracts as defined in AASB 4 Insurance Contracts. However, a public sector entity shall apply this Standard to:
(a) derivatives that are embedded in insurance contracts if AASB 9 requires the entity to account for them separately; and
(b) financial guarantee contracts if the entity applies AASB 9 in recognising and measuring the contracts, in accordance with paragraph 4(d) of AASB 4.
          …

Significance of financial instruments for financial position and performance
          …

Fair value
 …
29 Disclosures of fair value are not required:
(a) when the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables; or
(b) [deleted]
(c) [deleted]
(d) for lease liabilities.
          Aus29.1 Further to paragraph 29, for public sector entities applying AASB 4, disclosures of fair value are not required for a contract containing a discretionary participation feature (as described in AASB 4) if the fair value of that feature cannot be measured reliably. However, an entity shall disclose information to help users of the financial statements make their own judgements about the extent of possible differences between the carrying amount of those contracts and their fair value, including:
               (a) the fact that fair value information has not been disclosed for these instruments because their fair value cannot be measured reliably;
               (b) a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;
               (c) information about the market for the instruments;
               (d) information about whether and how the entity intends to dispose of the financial instruments; and
               (e) if financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.

Amendments to AASB 9 Financial Instruments (December 2014)
Paragraphs Aus2.1.2, AusB2.1.1 and AusB2.4.1 are added. Paragraphs 2.1, B2.1 and B2.4 are not amended but are included for reference.

Chapter 2 Scope
2.1 This Standard shall be applied by all entities to all types of financial instruments except:
(a) …
(e) rights and obligations arising under an insurance contract as defined in AASB 17 Insurance Contracts, or an investment contract with discretionary participation features within the scope of AASB 17. However, this Standard applies to: …
          (f) …
          Aus2.1.2 Notwithstanding paragraph 2.1, public sector entities need not apply this Standard to rights and obligations arising under (i) an insurance contract as defined in AASB 4 Insurance Contracts, other than an issuer's