3Purpose of Standard

3                      Purpose of Standard

3.1 The purpose of this Standard is to:

(a) prescribe the accounting methods to be used for reporting on life insurance contracts consistent with AASB 4 Insurance Contracts, and the accounting methods to be used for certain aspects of life investment contracts;

(b) prescribe the accounting methods to be used in accounting for assets backing life insurance liabilities or life investment contract liabilities; and

(c) require disclosures about life insurance contracts and disclosures about certain aspects of life investment contracts.