The consistency of AASB 1023 with other accounting standards has been raised as an issue.Which two other standards specifically do not apply to the general insurance part of a business but may apply to the remaining elements of the business?

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AASB 1023 is specific to general insurance contracts, and it outlines that certain standards like AASB 9 (Financial Instruments: Recognition and Measurement) and AASB 116 (Property, Plant and Equipment) do not apply to insurance contracts themselves but may apply to other aspects of the business. AASB 9 deals with the recognition, measurement, and disclosure of financial instruments, which would be relevant to the financial assets and liabilities a general insurance company holds, excluding the insurance contracts. AASB 116 deals with the accounting for property, plant, and equipment, which would be relevant to the physical assets owned by the insurance company but not to the insurance contracts themselves.

The Consistency of AASB 1023 with Other Accounting Standards Has