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cedant The policyholder under a reinsurance contract. deposit component A contractual component that is not accounted for as a derivative under AASB 9 and would be within the scope of AASB 9 if it were a separate instrument. direct insurance contract An …

Australian defined terms – see Appendix C. …

The following terms are used in this Standard with the meanings specified: …

Accounting profit is profit or loss for a period before deducting tax expense. …

Taxable profit (tax loss) is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable …

Tax expense (tax income) is the aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax …

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period. …

Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. …

Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax …