CTHRepealedLegislation
Accounting Standard AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts
60The requirements in AASB 17 are modified for reinsurance contracts held, as set out in paragraphs 61–70A70.
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60 The requirements in AASB 17 are modified for reinsurance contracts held, as set out in paragraphs 61–70A70.
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Recognition
62 Instead of applying paragraph 25, an entity shall recognise a group of reinsurance contracts held from the earlier of the following:
(a) the beginning of the coverage period of the group of reinsurance contracts held; and
(b) the date the entity recognises an onerous group of underlying insurance contracts applying paragraph 25(c), if the entity entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date.
62A Notwithstanding paragraph 62(a), an entity shall delay the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date that any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.