AASB 4 - Insurance Contracts

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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

Financial Instruments Comparatives
As reported in ANT16/2005:

Q: I have heard that companies do not have to comply with AASB 132 “Financial Instruments: Disclosure and Presentation” and AASB 139 “Financial Instruments: Recognition and Measurement” in the comparatives to their first AIFRS financial report. Is this true? There is no reference to this in these standards.

A: Yes, it is true. The concession you are looking for is in AASB 1 “First-time Adoption of Australian equivalents to International Financial Reporting Standards” paragraph 36A. An entity that adopts AIFRS before 1 January 2006 can present comparative information that relates to AASB 132, AASB 139, AASB 4 “Insurance Contracts”, AASB 1023 “General Insurance Contracts” and AASB 1038 “Life Insurance Contracts” under previous GAAP with an explanation of what adjustments would be necessary to make the information comply with AIFRS.