Document ID: chunk:federal_register_of_legislation:F2022L00398:body:0:p4
Version: federal_register_of_legislation:F2022L00398
Segment Type: other
Provision Reference: 
Character Range: 8323–10559

initial application of AASB 17 (see paragraphs C2 and C25); and
(c) at the date of initial application of AASB 9, apply the transition requirements in AASB 9 (see Section 7.2 of AASB 9).

Redesignation of financial assets
C29 At the date of initial application of AASB 17, an entity that had applied AASB 9 to annual reporting periods before the initial application of AASB 17:
(a) may reassess whether an eligible financial asset meets the condition in paragraph 4.1.2(a) or paragraph 4.1.2A(a) of AASB 9. A financial asset is eligible only if the financial asset is not held in respect of an activity that is unconnected with contracts within the scope of AASB 17. Examples of financial assets that would not be eligible for reassessment are financial assets held in respect of banking activities or financial assets held in funds relating to investment contracts that are outside the scope of AASB 17.
(b) shall revoke its previous designation of a financial asset as measured at fair value through profit or loss if the condition in paragraph 4.1.5 of AASB 9 is no longer met because of the application of AASB 17.
(c) may designate a financial asset as measured at fair value through profit or loss if the condition in paragraph 4.1.5 of AASB 9 is met.
(d) may designate an investment in an equity instrument as at fair value through other comprehensive income applying paragraph 5.7.5 of AASB 9.
(e) may revoke its previous designation of an investment in an equity instrument as at fair value through other comprehensive income applying paragraph 5.7.5 of AASB 9.
 ...
     C33A For a financial asset derecognised between the transition date and date of initial application of AASB 17, an entity may apply paragraphs C28B–C28E (classification overlay) for the purpose of presenting comparative information as if paragraph C29 had been applied to that asset. Such an entity shall adapt the requirements of paragraphs C28B–C28E so that the classification overlay is based on how the entity expects the financial asset would be designated applying paragraph C29 at the date of initial application of AASB 17.

Commencement of the legislative instrument
For legal purposes, this legislative instrument commences on 31 December 2022.