The Australian Prudential Regulation Authority (APRA) has finalised the reporting standards for insurers impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17). 

APRA says the finalisation follows a short consultation last month on proposed amendments to 14 general insurance and five life insurance reporting standards. No submissions were received in response to the consultation package, which closed on May 19. 

“The proposed changes were intended to improve usability and remove ambiguity that could lead to inaccurate reporting,” APRA says in a letter to insurers. 

“The changes take effect for reporting periods ending on or after July 1 2023.” 

AASB 17 commenced in January and is issued by the Australian Accounting Standards Board. It is based on the International Accounting Standards Boards new IFRS 17 rule. 

The new accounting requirements are designed to help users of financial statements better understand an insurer’s exposure, profitability and financial position and will facilitate comparison across similar insurance companies.