Accounting Standard AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector
25An entity shall recognise a group of insurance contracts it issues from the earliest of the following:
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25 An entity shall recognise a group of insurance contracts it issues from the earliest of the following:
(a) the beginning of the coverage period of the group of contracts;
(b) the date when the first payment from a policyholder in the group becomes due; and
(c) for a group of onerous contracts, when the group becomes onerous.
Aus25.1 Notwithstanding paragraph 25, a public sector entity shall recognise insurance contracts it issues from the earliest of the following:
(a) the beginning of the coverage period of an insurance contract; and
(b) the date when the first payment from a policyholder of an insurance contract becomes due.