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AASB 4 - Insurance Contracts
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Text of the Standard 
Summary 
AIFRS compared to IFRS and old AGAAP 
Interpretations and guidance 
Questions and answers 
Articles 

 
Comparison between AASB 4 and IFRS 4 
Comparison by Jeffrey Knapp 
 
AASB 4 Compared to IFRS 4 
 
Additions 
 
Paragraph Description 
 
Aus 1.1 Which entities AASB 4 applies to, ie. reporting entities and general purpose financial reports. 
 
Aus 1.2 The application date of AASB 4, ie. annual reporting periods beginning 1 January 2005. 
 
Aus 1.3 Prohibits early application of AASB 4. 
 
Aus 1.4 Makes the requirements of AASB 4 subject to AASB 1031 ‘Materiality’. 
 
Aus 1.5 Notice of the new Standard published on 22 July 2004. 
 
Aus 4.1 Exempts general insurance contracts within the scope of AASB 1023 ‘General Insurance Contracts’. 
 
Aus 4.2 Exempts life insurance contracts within the scope of AASB 1038 ‘Life Insurance Contracts’. 
 
Aus 6.1 Clarifies that AASB 4 applies to fixed fee service contracts where the level of service depends on an uncertain future event, eg. roadside assistance contracts. 
 
Appendix Additional Australian defined terms for ‘general insurance contract’ and ‘life insurance contract’. 
 
Deletions 
 
Paragraph Description 
 
41 Effective date of IFRS 4.