CTHRepealedLegislation
Accounting Standard AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts
87AAn entity shall apply:
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87A An entity shall apply:
(a) paragraph B117A to insurance finance income or expenses arising from the application of paragraph B115 (risk mitigation); and
(b) paragraphs 88 and 89 to all other insurance finance income or expenses.
88 In applying paragraph 87A(b), unless Unless paragraph 89 applies, an entity shall make an accounting policy choice between:
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89 In applying paragraph 87A(b), for For insurance contracts with direct participation features, for which the entity holds the underlying items, an entity shall make an accounting policy choice between:
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| Paragraphs 97, 99–101, 103–105, 106‒107 and 109 are amended, and paragraphs 105A–105B and 109A are added. New text is underlined and deleted text is struck through. |
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Disclosure
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Explanation of recognised amounts
97 Of the disclosures required by paragraphs 98–109A 109, only those in paragraphs 98–100, 102‒103, 105‒105B and 109A and 102–105 apply to contracts to which the premium allocation approach has been applied. If an entity uses the premium allocation approach, it shall also disclose:
(a) …
(b) whether it makes an adjustment for the time value of money and the effect of financial risk applying paragraphs 56, and 57(b) and 59(b); and
(c) …
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99 An entity shall provide enough information in the reconciliations to enable users of financial statements to identify changes from cash flows and amounts that are recognised in the statement(s) of financial performance. To comply with this requirement, an entity shall:
(a) disclose, in a table, the reconciliations set out in paragraphs 100–105B 105; and
(b) for each reconciliation, present the net carrying amounts at the beginning and at the end of the period, disaggregated into a total for portfolios groups of contracts that are assets and a total for portfolios groups of contracts that are liabilities, that equal the amounts presented in the statement of financial position applying paragraph 78.