Compilation details
Accounting Standard AASB 1038 Life Insurance Contracts (as amended)
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2020 but before 1 January 2021. It takes into account amendments up to and including 21 May 2019 and was prepared on 2 March 2020 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1038 (July 2004) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Table of amendments
General Terminology Amendments
The following amendments are not shown in the above Table of Amendments:
References to ‘financial report(s)’ were amended to ‘financial statements’ by AASB 2007-8 and AASB 2007-10, except in relation to specific Corporations Act references and interim financial reports.
References to ‘income statement’ and ‘balance sheet’ were amended to ‘statement of comprehensive income’ and ‘statement of financial position’ respectively by AASB 2007-8.
References to ‘reporting date’ and ‘each reporting date’ were amended to ‘end of the reporting period’ and ‘the end of each reporting period’ respectively by AASB 2007-8.