Document ID: chunk:federal_register_of_legislation:F2023L00704:body:0:p7
Version: federal_register_of_legislation:F2023L00704
Segment Type: other
Provision Reference: 
Character Range: 16630–19694

AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

Report losses and expenses as negative values.

Columns for the Statutory Fund
Columns 1 to 13          Report the amount by APRA product group for Australia - Ordinary Business.
Columns 14 to 26         Report the amount  by APRA product group for Australia - Superannuation Business
Columns 27 to 39         Report the amount  by APRA product group for Overseas - All business
Column 40                Report the amount for unallocated items.
Columns 1 to 40 (Total)  The total amount is a derived column and is calculated as the sum of columns 1 to 40 inclusive.

 1.               Insurance revenue
Item 1    Item 1 insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.

          Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83.
Item 1.1  Report insurance revenue from life insurance direct business.
Item 1.2  Report insurance revenue from life investment direct business.
Item 1.3  Report insurance revenue from inwards reinsurance.
Item 1.4  Report insurance revenue from non-life insurance business.

2.                  Insurance service expense
Item 2      Item 2 insurance service expense, is a derived item calculated as the sum of items 2.1, 2.2, 2.3 and 2.4. inclusive.

            Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.
Item 2.1    Item 2.1 represents insurance service expense from life insurance direct business.

            Item 2.1 is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.
Item 2.1.1  Report incurred claims from life insurance direct business.
Item 2.1.2  Report other insurance service expenses from life insurance direct business.

            Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.
Item 2.1.3  Report amortisation of insurance acquisition cash flows from life insurance direct business.
Item 2.1.4  Report losses and reversal of losses on onerous contracts from life insurance direct business.

            Report this item in accordance with AASB 17.47-52.
Item 2.1.5  Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.

            Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 2.1.6  Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.
Item 2.2    Report life investment direct business
Item 2.2.1  Report other insurance service expenses from life investment direct business.

            Report this item in accordance with AASB 17.103 (b).
Item 2.3    Item 2.3 represents insurance service expense from