CTHIn ForceLegislation
AASB 1023 - General Insurance Contracts - July 2004
3Purpose of Standard
Start here
Get a plain-English read of 3
Turn the raw legal text into a practical explanation grounded in AASB 1023 - General Insurance Contracts - July 2004.
3 Purpose of Standard
3.1 The purpose of this Standard is to:
(a) specify the manner of accounting for general insurance contracts consistent with AASB 4;
(b) specify certain aspects of accounting for assets backing general insurance liabilities;
(c) specify certain aspects of accounting for non-insurance contracts; and
(d) require disclosure of information relating to general insurance contracts.