Document ID: chunk:federal_register_of_legislation:F2023L00715:body:0:p5
Version: federal_register_of_legislation:F2023L00715
Segment Type: other
Provision Reference: 
Character Range: 11120–14272

Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.
Reporting Standard GRS 320.0

Liability Roll Forwards

General instructions

These instructions assist completion of Reporting Standard GRS 320.0 Liability Roll Forwards, which collects information relating to reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts (AASB 17).  These instructions also apply to roll forwards of assets for insurance acquisition cash flows and reinsurance contracts held.

Reporting tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

General accounting basis

Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.

References to Australian Accounting Standards

Each item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.

IFRS taxonomy element reference

Each IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element.  The IFRS Taxonomy uses the following element reference types:

(a) disclosure—an element of 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.

Definitions

Terms that are highlighted in bold italics are defined in these instructions.

Specific instructions

Reporting basis
Information in this Reporting Standard is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.

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