Adoption of AASB 17 and NZ IFRS 17 by Overseas Subsidiaries
First written in FY2024-Q1. . Latest entry: FY2024.
0 other companies' latest entry also says "Other".
- FY2024Completion of the review of the IBNR calculation methodAnnual report
「Following the discontinuation during the current fiscal year of the handling of hospitalization benefits for deemed hospitalization, the calculation method was revised to exclude amounts relating to deemed hospitalization.」
In addition to the accounting treatment following the application of AASB 17 and NZ IFRS 17, the IBNR calculation method was revised to reflect the end of the special treatment for deemed hospitalization. - FY2024-Q3Review of the IBNR calculation method following the end of deemed hospitalizationAnnual report
「Following the discontinuation during the current fiscal year of the handling of hospitalization benefits for deemed hospitalization, the calculation method was revised to exclude amounts relating to deemed hospitalization.」
In addition to the accounting treatment following the application of AASB 17 and NZ IFRS 17, the method for calculating incurred but not reported claims reserves was revised following the discontinuation of benefit coverage for deemed hospitalization. - FY2024-Q2Refinement of the insurance contract liability measurement methodAnnual report
「Following partial refinement of the measurement method for insurance contract liabilities and other items during the current interim consolidated fiscal period, it was determined that the appropriate approach was to recalculate historical figures using the method adopted for the current interim consolidated fiscal period.」
The measurement method for insurance contract liabilities after the application of AASB 17 and NZ IFRS 17 was partially refined, and historical figures were revised and restated. - FY2024-Q1First statedAnnual report
「Certain overseas consolidated subsidiaries have applied the accounting standards Insurance Contracts (AASB 17 and NZ IFRS 17), issued by the Australian Accounting Standards Board and the New Zealand Accounting Standards Board, from the beginning of the first quarter of the current consolidated fiscal year. Accordingly, insurance contract liabilities are measured to reflect the time value of money, financial risks arising from cash flows from insurance contracts, and the effects of uncertainty in those cash flows.」
Certain overseas consolidated subsidiaries began applying the insurance contracts accounting standards from the beginning of the first quarter of FY2023, introducing a policy of reflecting the time value of money, financial risks, and cash-flow uncertainty in the measurement of insurance contract liabilities.