Policy paper
Response to accounting changes for insurance contracts
This Tax Information and Impact Note details legislation introduced in response to the new international accounting standard for insurance contracts.
Documents
Details
This measure is an enabling power to allow the government to make regulations to spread the transitional impact of the new international accounting standard for insurance contracts, International Financial Reporting Standard (IFRS) 17, for tax purposes and to revoke the requirement for life insurance companies to spread acquisition expenses over seven years for tax purposes.