2This Standard shall be applied in accounting for the impairment of all assets, other than:

2 This Standard shall be applied in accounting for the impairment of all assets, other than:
(h) contracts within the scope of AASB 17 Insurance Contracts that are assets and any assets for insurance acquisition cash flows as defined in AASB 17; and
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Transition provisions and effective date

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140N AASB 17, issued in July 2017, amended paragraph 2. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 2. An entity shall apply those amendments when it applies AASB 17.

AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015, as amended)

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5 When another Standard deals with a specific type of provision, contingent liability or contingent asset, an entity applies that Standard instead of this Standard. For example, some types of provisions are addressed in Standards on:
(e) insurance contracts and other contracts within the scope of AASB 17 Insurance Contracts.;
(f) ...
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AASB 138 Intangible Assets (August 2015, as amended)

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3 If another Standard prescribes the accounting for a specific type of intangible asset, an entity applies that Standard instead of this Standard. For example, this Standard does not apply to:
(g) contracts within the scope of AASB 17 Insurance Contracts and any assets for insurance acquisition cash flows as defined in AASB 17.
(h) ...
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Transitional provisions and effective date

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130M AASB 17, issued in July 2017, amended paragraph 3. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 3. An entity shall apply those amendments when it applies AASB 17.

Commencement of the legislative instrume Commencement of the legislative instrument

Commencement of the legislative instrument

For legal purposes, this legislative instrument commences on 31 December 2020.