Objective (AASB4_08-15_COMPsep20_01-21)

The objective of this Standard, in conjunction with AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts, is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this Standard as an insurer) until the AASB and the IASB complete the second phase of the project on insurance contracts. In particular, this Standard requires:

(a)            limited improvements to accounting by insurers for insurance contracts.

(b)            disclosure that identifies and explains the amounts in an insurer’s financial statements arising from insurance contracts and helps users of those financial statements understand the amount, timing and uncertainty of future cash flows from insurance contracts.