Document ID: chunk:federal_register_of_legislation:F2023L00586:body:0:p6
Version: federal_register_of_legislation:F2023L00586
Segment Type: other
Provision Reference: 
Character Range: 14117–17133

Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.

Assets for insurance acquisition cash flows

Any assets recognised for insurance acquisition cash flows paid under AASB 17.28B (pre-coverage or relating to renewals) are included as part of the carrying amount of the related portfolios of insurance contracts issued (in accordance with AASB 17.79). Similarly, any assets or liabilities for cash flows related to portfolios of reinsurance contracts held are reported in accordance with AASB 17.79.

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.

Column 1   Report the amount for inside Australia.
Column 2   Report the amount for outside Australia.

Column 3   Column 3 total amount, is a derived column and is calculated as column 1 plus column 2.

Assets

 1.               Total cash and cash equivalents
Item 1    Item 1 total cash and cash equivalents is a derived item calculated as the sum of item 1.1 and item 1.2.

          Report this item in accordance with AASB 101.54 (i) Disclosure and AASB 107.6.
Item 1.1  Report cash.

          Report this item in accordance with AASB 101.54 (i) Disclosure and AASB 107.6.
Item 1.2  Report cash equivalents.

          Report this item in accordance with AASB 101.54 (i) Disclosure and AASB 107.6.

2.                  Total receivables
Item 2    Item 2 total receivables is a derived item calculated as the sum of items 2.1 to 2.3 inclusive.

          Report this item in accordance with AASB 101.54 (h) Disclosure and AASB 101.78 (b) Disclosure.
Item 2.1  Report accrued income receivable.

          Report this item in accordance with AASB 101.78 (b) Common practice.
Item 2.2  Report prepayments.

          Report this item in accordance with AASB 101.78 (b) Example.
Item 2.3  Report other receivables.

          Report this item in accordance with AASB 101.78 (b) Example. Lessors report finance lease receivables at this item.

3.                  Current tax assets
Item 3   Report current tax assets.

         Report this item in accordance with AASB 112.5 and AASB 101.54 (n) Disclosure.

4.                  Total deferred tax assets
Item 4     Item 4 total deferred tax assets is a derived item calculated as the sum of item 4.1 and item 4.2.

           Report this item in accordance with AASB 101.54 (o) Disclosure, AASB 112.5, AASB 112.81 (g) (i) Disclosure and AASB 101.56 Disclosure.
Item 4.1   Report unused tax losses.

           Report this item in accordance with AASB 112.81 (g) Disclosure.

           Report this amount on an annual basis per that