Search Definitions

Although this Standard uses the terms ‘other comprehensive income’, ‘profit or loss’ and ‘total comprehensive income’, an entity may use other terms to describe the totals as long as the meaning is clear. For example, an entity may use the term ‘net …

The following terms are described in AASB 132 Financial Instruments: Presentation and are used in this Standard with the meaning specified in AASB 132: (a)             puttable financial instrument classified as an equity instrument (described in …

In this Standard: …

acquisition costs means the fixed and variable costs of acquiring new business, including commissions and similar distribution costs, and costs of accepting, issuing and initially recording policies (Acquisition costs relate to the costs incurred in …

cedant means the policyholder under a life reinsurance contract …

deposit component means a contractual component that is not accounted for as a derivative under AASB 9 Financial Instruments and would be within the scope of AASB 9 Financial Instruments if it were a separate …

direct insurance contract means an insurance contract that is not a reinsurance contract …

discretionary participation feature means 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 …

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 …

financial risk means the risk of a possible future change in one or more of a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index or other variable, …