AASB & NZASB Virtual Roundtable Discussion: AASB ED 319/NZASB ED 2022-3 Insurance Contracts in the Public Sector

Thursday, March 24, 2022

AASB and NZASB staff invite stakeholders with an interest in reporting on insurance contracts transacted by public sector entities to participate in a virtual roundtable to discuss ED 319 and ED 2022-3 on Monday, 2 May 2022 between 11am–1pm AEST / 1pm–3pm NZT.

ED 319 and ED 2022-3 are open for comment until 8 June 2022.

AASB and NZASB staff invite stakeholders to participate in an online discussion about the proposals in ED 319 and ED 2022-3, including, in particular, proposed:

indicators for identifying the transactions to which AASB 17 and PBE IFRS 17 Insurance Contracts should apply in a public sector context;
exemptions from sub-grouping onerous versus non-onerous contracts at initial recognition and from sub-grouping contracts issued no more than a year apart;
an amendment to the initial recognition requirements so that they do not depend on when contracts become onerous;
guidance on coverage periods, which has consequences for assessing eligibility for the premium allocation approach in a public sector context; and
guidance on determining the cash flows within the contract boundary.

The event will also include discussion about the AASB proposal to not modify AASB 17 in respect of risk adjustments and compare this with the NZASB proposal for applying a rebuttable 75% level of confidence to measuring risk adjustments under PBE IFRS 17.

Your input is important

It is important that the AASB and NZASB are aware of your views on the proposals to ensure that the final Standards lead to useful financial information being reported and that the requirements are practical for entities to implement in a public sector context.

The event aims to:

help you to shape your feedback to the AASB and NZASB on the Exposure Drafts; and
identify any material omissions from the proposals.

Register to participate

The virtual roundtable is scheduled for Monday, 2 May 2022 from 11am–1pm AEST and 1pm–3pm NZT. Please register by Friday, 22 April 2022 via this link.