Page 91 - ACCESS ANNUAL REPORT 2019

NOTES (continued)
S ar o significant acco nting po icies contin ed
a tandards issued ut not yet e ective
he new and amended standards and interpretations that are issued, ut not yet effective, up to the date o issuance o the Ban ’s financial statements are disclosed elow. he Ban intends to adopt these new and amended standards and interpretations, i applica le, when they ecome effective.
A end ents to AS and AS Definition o ateria
In Octo er 201 , the IASB issued amendments to IAS 1 and IAS to ali n the definition o material’ across the standards and to clari y certain aspects o the definition. he new definition states that, ’In ormation is material i omittin , misstatin or o scurin it could reasona ly e expected to in uence decisions that the primary users o eneral purpose financial statements ma e on the asis o those financial statements, which provide financial in ormation a out a specific reportin entity. ’ he amendments to the definition o material is not expected to have a si nificant impact on the Ban ’s financial statements.
IFRS 17 Insurance Contracts
In ay 201 , the IASB issued I RS 1 Insurance Contracts I RS 1 , a comprehensive new accountin standard or insurance contracts coverin reco nition and measurement, presentation and disclosure. Once effective, I RS 1 will replace I RS Insurance Contracts I RS that was issued in 2005. I RS 1 applies to all types o insurance contracts i.e., li e, non li e, direct insurance and re insurance , re ardless o the type o entities that issue them, as well as to certain uarantees and financial instruments with discretionary participation eatures. A ew scope exceptions will apply. he overall o ective o I RS 1 is to provide an accountin model or insurance contracts that is more use ul and consistent or insurers. In contrast to the re uirements in I RS , which are lar ely ased on rand atherin previous local accountin policies, I RS 1 provides a comprehensive model or insurance contracts, coverin all relevant accountin aspects. he core o I RS 1 is the eneral model, supplemented y
• A specific adaptation or contracts with direct participation eatures the varia le ee approach
• A simplified approach the premium allocation approach mainly or short duration contracts
IFRS 17iseffective orreportin periods e innin onora ter1 anuary2021,withcomparativefi ures re uired. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies I RS 1 . his standard is not applica le to the Company.
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