Amendments for Initial Application of AASB 17 and AASB 9 – Comparative Information

Tuesday, March 22, 2022

The AASB issued AASB 2022-1 to provide insurers with a transition option relating to comparative information about financial assets presented on the initial application of AASB 17. The amendments relate to financial assets for which comparative information presented on initial application of AASB 17 and AASB 9 has not been restated for AASB 9.

Applying the transition option would permit an entity to present comparative information about such a financial asset as if the classification and measurement requirements of AASB 9 had been applied to that financial asset. This enables insurers to reduce potentially significant accounting mismatches between financial assets and insurance contract liabilities in the comparative period (or periods), to improve the usefulness of the comparative information in the general purpose financial statements.

The amendments apply to annual reporting periods beginning on or after 1 January 2023, but can be adopted for earlier reporting periods.

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