6AAASB 17 Insurance Contracts applies as set out in paragraph 5, except when the entity is:

6A AASB 17 Insurance Contracts applies as set out in paragraph 5, except when the entity is: (a) a superannuation entity applying AASB 1056; or (b) a public sector entity. However, a public sector entity may elect to apply AASB 17 instead of both AASB 4 and AASB 1023 General Insurance Contracts. 7 Except as specified in paragraph 20C, AASB 101 Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 1048 Interpretation of Standards apply to: (a) each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act; (c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements; (d) for-profit private sector entities that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and (e) other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021. 8 \[Deleted by the AASB\]