ED 319 and Fatal-Flaw Review Draft Standard: Insurance Contracts in the Public Sector

Wednesday, March 9, 2022

The AASB has issued an Exposure Draft proposing public-sector-specific modifications to AASB 17 Insurance Contracts. In addition, a Fatal-Flaw Review Draft version of an Amending Standard proposing related consequential amendments is available for comment.

ED 319 Insurance Contracts in the Public Sector

Together with the NZASB, the AASB is proposing in ED 319 the following public-sector-specific modifications to AASB 17:

ED 319 also proposes to defer the AASB 17 mandatory application date for public sector entities until annual periods beginning on or after 1 July 2025, with earlier application permitted.

Fatal-Flaw Review Draft of AASB 2022-X Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments for Public Sector Entities

In addition to ED 319, the AASB issued a Fatal-Flaw Review Draft version of a Standard proposing consequential amendments to various AASB pronouncements that would:

Please submit your comments on ED 319 and the Fatal-Flaw Review Draft Standard to the AASB by Wednesday 8 June 2022, via the AASB website or email.







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