Wednesday, October 26, 2022
The AASB has issued a Fatal-Flaw Review Draft version of a proposed Standard that would amend AASB 17 Insurance Contracts for application by public sector entities. Comments are due by 11 November 2022.
The proposed Standard would modify AASB 17 to provide public sector entities with:
The proposed Standard would also amend AASB 1050 Administered Items to provide an accounting policy choice for government departments to apply either AASB 17 or AASB 137 Provisions, Contingent Liabilities and Contingent Assets in determining the information to be disclosed about administered captive insurer activities.
The AASB decided to propose these amendments after considering feedback received on Exposure Draft ED 319 Insurance Contracts in the Public Sector.
The Fatal-Flaw Review Draft version of the proposed Standard AASB 2022-Y Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector is open for comment until Friday, 11 November 2022. Please submit your comments to the AASB, via the AASB website or email.