Document ID: chunk:federal_register_of_legislation:F2023L00705:body:0:p5
Version: federal_register_of_legislation:F2023L00705
Segment Type: other
Provision Reference: 
Character Range: 11139–14289

this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;

(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and

(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.

Reporting direction for life insurers

For APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340).

Specific instructions

Reporting basis

Information in this Reporting Standard is to be completed by life insurers including friendly societies for each reporting period on licensed insurer and statutory fund (approved benefit fund for a friendly society) bases.

Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.

Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

Direct business is any insurance business written / insurance contracts issued by the reporting insurer.

Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.

Part A: Insurance contracts issued (direct business/inwards reinsurance)

Liability Roll Forward 1 – Reconciliation of the liability for remaining coverage and the liability for incurred claims
Report the items in the table based on AASB 17.100 requirements to provide reconciliation from the opening to the closing balances of the liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). Report the reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows based on the insurer's interpretation of AASB 17.105A and AASB 17.105B requirements.

Report zero values for line items if they are not applicable.

Column 1   Report liabilities for remaining coverage excluding loss component for the current reporting period.

           Where a group of contracts meets the requirements under AASB 17.20, report these contracts in this column.

           Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (a) Disclosure.
Column 2   Report the loss component of liabilities for remaining coverage for the current reporting period.

           Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (b) Disclosure.
Column 3   Report liabilities for incurred claims from contracts not measured under the Premium Allocation Approach (PAA) for the current reporting period.

           Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) Disclosure.
Column 4   For liabilities for incurred claims from contracts measured under the PAA, report estimates of the present