Compilation details (AASB1023_07-04_COMPdec21_01-22)

Accounting Standard AASB 1023 General Insurance Contracts (as amended)

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2022 but before 1 January 2023.  It takes into account amendments up to and including 20 December 2021 and was prepared on 7 April 2022 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 1023 (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.