Exposure Draft ED 313 Initial Application of AASB 17 and AASB 9—Comparative Information

Thursday, August 5, 2021

ED 313 proposes a narrow-scope amendment to the transition requirements in AASB 17 Insurance Contracts for comparative information.

Insurers who apply both AASB 17 and AASB 9 Financial Instruments for the first time from 2023 may identify a mismatch on initial application of the two Standards. These mismatches arise in circumstances when AASB 9 is not reflected in the accounting for financial assets in the prior periods presented when AASB 17 and AASB 9 are first applied.

The proposed narrow-scope amendment to AASB 17 would enable affected insurers to address this issue by giving them an option to present comparative information for certain financial assets in a manner consistent with AASB 9.

Please submit your comments to the AASB by 20 August 2021, via the AASB website, LinkedIn or email.