Under AASB 1023 a general insurer must adopt the fair value model to account for financial assets backing general insurance liabilities.

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Under AASB 1023, a general insurer is not required to adopt the fair value model specifically for financial assets backing general insurance liabilities. Instead, insurers can choose between different measurement models based on the nature of the asset and the purpose for which it is held, in accordance with the applicable accounting standards such as AASB 9 Financial Instruments.

Under AASB 1023 a General Insurer Must Adopt the Fair