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joint arrangement An arrangement of which two or more parties have joint control. joint control The contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of …

The policyholder under a reinsurance contract . …

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 …

An insurance contract that is not a reinsurance contract . …

A contractual right to receive, as a supplement to guaranteed benefits , additional benefits: (a)             that are likely to be a significant portion of the total contractual benefits; (b)             whose amount or timing is contractually at the …

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 …

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

The process involved in authorising the financial statements for issue will vary depending upon the management structure, statutory requirements and procedures followed in preparing and finalising the financial …

In some cases, an entity is required to submit its financial statements to its shareholders for approval after the financial statements have been issued. In such cases, the financial statements are authorised for issue on the date of issue, not the date …

Example The management of an entity completes draft financial statements for the year to 31 December 20X1 on 28 February 20X2. On 18 March 20X2, the board of directors reviews the financial statements and authorises them for issue. The entity announces …