1 Application

1.1

This Standard applies to each entity that is:

(a) a life insurer; or

(b) the parent in a group that includes a life insurer;

when the entity:

(c) is a reporting entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;

(d) is an other reporting entity and prepares general purpose financial statements; or

(e) prepares financial statements that are, or are held out to be, general purpose financial statements.

AusCF1

AusCF paragraphs included in this Standard apply only to:

(a) not-for-profit entities; and

(b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).

Such entities are referred to as ‘AusCF entities’. For AusCF entities, the term ‘reporting entity’ is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies. For-profit entities applying the Conceptual Framework for Financial Reporting (as set out in paragraph Aus1.1 of the Conceptual Framework) shall not apply AusCF paragraphs.

1.2

This Standard applies to annual reporting periods beginning on or after 1 January 2005. [Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]

1.3

This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.

1.4

[Deleted by the AASB]

1.4.1

[Deleted by the AASB]

1.4.2

For the purposes of AASB 134 Interim Financial Reporting, the determination of policy liabilities does not necessarily require a full actuarial valuation. In accordance with AASB 134, policy liabilities would need to be determined on a reliable basis, would be based on reasonable estimates, would include a full review of all assumptions, and would not be materially different from the policy liabilities determined by a full actuarial valuation.

1.5

When operative, this Standard supersedes AASB 1038 Life Insurance Business as approved by public notice in the Commonwealth of Australia Gazette No 546, 19 November 1998.

1.6

AASB 1038 (issued in November 1998) remains applicable until superseded by this Standard.

1.7

Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.