91If an entity transfers a group of insurance contracts or derecognises an insurance contract applying paragraph 77:

91 If an entity transfers a group of insurance contracts or derecognises an insurance contract applying paragraph 77:
(a) it shall reclassify to profit or loss as a reclassification adjustment (see AASB 101 Presentation of Financial Statements) any remaining amounts for the group (or contract) that were previously recognised in other comprehensive income because the entity chose the accounting policy set out in paragraph 88(b).
(b) it shall not reclassify to profit or loss as a reclassification adjustment (see AASB 101) any remaining amounts for the group (or contract) that were previously recognised in other comprehensive income because the entity chose the accounting policy set out in paragraph 89(b).
92 Paragraph 30 requires an entity to treat an insurance contract as a monetary item under AASB 121 for the purpose of translating foreign exchange items into the entity’s functional currency. An entity includes exchange differences on changes in the carrying amount of groups of insurance contracts in the statement of profit or loss, unless they relate to changes in the carrying amount of groups of insurance contracts included in other comprehensive income applying paragraph 90, in which case they shall be included in other comprehensive income.

Disclosure

93 The objective of the disclosure requirements is for an entity to disclose information in the notes that, together with the information provided in the statement of financial position, statement(s) of financial performance and statement of cash flows, gives a basis for users of financial statements to assess the effect that contracts within the scope of AASB 17 have on the entity’s financial position, financial performance and cash flows. To achieve that objective, an entity shall disclose qualitative and quantitative information about:
(a) the amounts recognised in its financial statements for contracts within the scope of AASB 17 (see paragraphs 97–116);
(b) the significant judgements, and changes in those judgements, made when applying AASB 17 (see paragraphs 117–120); and
(c) the nature and extent of the risks from contracts within the scope of AASB 17 (see paragraphs 121–132).
94 An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements. If the disclosures provided, applying paragraphs 97–132, are not enough to meet the objective in paragraph 93, an entity shall disclose additional information necessary to meet that objective.
95 An entity shall aggregate or disaggregate information so that useful information is not obscured either by the inclusion of a large amount of insignificant detail or by the aggregation of items that have different characteristics.
96 Paragraphs 29–31 of AASB 101 set out requirements relating to materiality and aggregation of information. Examples of aggregation bases that might be appropriate for information disclosed about insurance contracts are:
(a) type of contract (for example, major product lines);
(b) geographical area (for example, country or region); or
(c) reportable segment, as defined in AASB 8 Operating Segments.