12AASB 1038 Life Insurance Contracts applies to:

12 AASB 1038 Life Insurance Contracts applies to:
(a) a life insurer; or
(b) the parent in a group that includes a life insurer;
when the entity is a not-for-profit public sector entity that:
(c) is a reporting entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(dc) is an other a reporting entity and prepares general purpose financial statements; or
(ed) prepares financial statements that are, or are held out to be, general purpose financial statements.
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Application of Australian Interpretations

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26 Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations applies to entities that are or include medical defence organisations as follows:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(bc) financial statements of each not-for-profit public sector entity that are, or are held out to be, general purpose financial statements.

AASB 1058 Income of Not-for-Profit Entities (December 2016)

| Paragraph 7 is amended. |

Scope (paragraphs B2-B11)

7 An entity shall apply this Standard to transactions where the consideration to acquire an asset is significantly less than fair value principally to enable the entity to further its objectives, and the receipt of volunteer services, except for:
(b) insurance contracts within the scope of AASB 4 AASB 17 Insurance Contracts, AASB 1023 General Insurance Contracts or AASB 1038 Life Insurance Contracts;

| In Appendix C, paragraph C1A is added. |

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C1A AASB 17, issued in July 2017, amended paragraph 7\. An entity shall apply that amendment when it applies AASB 17.

Interpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease

References

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• AASB 4 AASB 17 Insurance Contracts

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• AASB 1023 General Insurance Contracts

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| Paragraph 7 is amended. |

Consensus

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7 Other obligations of an arrangement, including any guarantees provided and obligations incurred upon early termination, shall be accounted for under AASB 137, AASB 1023 or AASB 9 or AASB 17, depending on the terms.

| The effective date paragraph is amended. |

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AASB 17, issued in July 2017, amended paragraph 7\. An entity shall apply that amendment when it applies AASB 17.