Amendments to AASB 4Amendments to AASB 4

Amendments to AASB 4

14 Paragraphs 3 and 45 are amended and paragraph 41C is added as follows:

3 This Standard does not address other aspects of accounting by insurers, such as accounting for financial assets held by insurers and financial liabilities issued by insurers (see AASB 132 Financial Instruments: Presentation, AASB 139 Financial Instruments: Recognition and Measurement, and AASB 7 and AASB 9 Financial Instruments), except in the transitional provisions in paragraph 45.

45 Notwithstanding paragraph 4.9 of AASB 9, wWhen an insurer changes its accounting policies for insurance liabilities, it is permitted, but not required, to reclassify some or all of its financial assets as measured ‘at fair value through profit or loss’. This reclassification is permitted if an insurer changes accounting policies when it first applies this Standard and if it makes a subsequent policy change permitted by paragraph 22. The reclassification is a change in accounting policy and AASB 108 applies.

41C AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9, issued in December 2009, amended paragraphs 3 and 45. An entity shall apply those amendments when it applies AASB 9.