AASB 2013-2 - Amendments to AASB 1038 – Regulatory Capital - March 2013

Link to law: https://www.comlaw.gov.au/Details/F2013L00579

AASB Standard
AASB 2013-2
 March 2013
Amendments to AASB 1038 – Regulatory Capital
 
 



Obtaining a Copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.
Alternatively, printed copies of this Standard are available for purchase by contacting:
 
The Customer Service Officer
Australian Accounting Standards Board
Level 7
600 Bourke Street
Melbourne   Victoria
AUSTRALIA
 
 
Postal address:
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone:       (03) 9617 7637
Fax:            (03) 9617 7608
E-mail:       publications@aasb.gov.au
Website:    www.aasb.gov.au
 
 

 
Other Enquiries
Phone:       (03) 9617 7600
Fax:            (03) 9617 7608
E-mail:       standard@aasb.gov.au
COPYRIGHT
 
© Commonwealth of Australia 2013
 
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Requests and enquiries concerning reproduction and rights should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
 
ISSN 1036-4803
CONTENTS
Preface
Accounting Standard
AASB 2013-2 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS – regulatory capital
 
Paragraphs
Objective                                                                                                                                                             1
Application                                                                                                                                                  2 – 5
Amendments to AASB 1038                                                                                                                          6
 
Australian Accounting Standard AASB 2013-2 Amendments to Australian Accounting Standards – Regulatory Capital is set out in paragraphs 1 – 6. All the paragraphs have equal authority.
 
Preface
Introduction
This Standard makes amendments to Australian Accounting Standard AASB 1038 Life Insurance Contracts.
These amendments arise as a consequence of changes to the Australian Prudential Regulation Authority’s reporting requirements relating to life insurers.
Main Features of this Standard
Application Date
This Standard applies to annual reporting periods ending on or after 31 March 2013.  Early application is permitted for annual reporting periods ending on or after 1 January 2013 but before 31 March 2013.
Main Requirements
This Standard makes amendments to AASB 1038 as a consequence of changes to the Australian Prudential Regulation Authority’s reporting requirements relating to life insurers, particularly Prudential Standard LPS 110 Capital Adequacy, applicable from 1 January 2013.  Primarily the amendments align terminology by changing references to ‘solvency’ in AASB 1038 to ‘capital’ and remove a related explanatory paragraph.
 
aCCOUNTING STANDARD AASB 2013-2
The Australian Accounting Standards Board makes Accounting Standard AASB 2013-2 Amendments to Australian Accounting Standards – Regulatory Capital under section 334 of the Corporations Act 2001.
 
 
Kevin M. Stevenson

Dated 13 March 2013
Chair – AASB

 
 
aCCOUNTING STANDARD AASB 2013-2
AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – REGULATORY CAPITAL
Objective
1              The objective of this Standard is to make amendments to AASB 1038 Life Insurance Contracts as a consequence of changes to the Australian Prudential Regulation Authority’s reporting requirements relating to life insurers, particularly Prudential Standard LPS 110 Capital Adequacy, issued in January 2013, as it relates to the prescribed capital amount.
Application
2              This Standard applies to each entity that is:
(a)      a life insurer; or
(b)      the parent in a group that includes a life insurer;
when the entity:
(c)       is a reporting entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(d)      is an other reporting entity and prepares general purpose financial statements; or
(e)       prepares financial statements that are, or are held out to be, general purpose financial statements.
3              This Standard applies to annual reporting periods ending on or after 31 March 2013.
4              This Standard may be applied to annual reporting periods ending on or after 1 January 2013 but before 31 March 2013.  When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.
5              This Standard uses underlining, striking out and other typographical material to identify some of the amendments, in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining, striking out or other typographical material.
Amendments to AASB 1038
6              The heading before paragraph 17.8 and paragraphs 17.8 and 17.10 are amended as follows (new text is underlined and deleted text is struck through) and paragraph 17.8.1 is deleted:
Solvency Regulatory Capital Information
17.8   A life insurer shall disclose the regulatory solvency capital position of each statutory fund. In consolidated financial statements A a group shall disclose the regulatory solvency capital position of each life insurer in the group.
Actuarial Information
17.10 The following shall be disclosed in notes:
(a)          if other than the end of the reporting period, the effective date of the actuarial report on policy liabilities and regulatory solvency capital reserves;
(b)          …
 
Read Entire Law on www.comlaw.gov.au