Document ID: chunk:federal_register_of_legislation:F2023L00706:body:0:p13
Version: federal_register_of_legislation:F2023L00706
Segment Type: other
Provision Reference: 
Character Range: 39919–44266

Accounting Standards.

                                                                                         This item also includes the intangible assets attributable to certain categories of subsidiaries, associates and joint ventures of the reporting Level 2 insurance group as per GPS 112.

Other retained earnings movements                                                        This consists of all other retained earnings movements not specifically categorised as:

                                                                                             * profit (loss) from continuing and discontinued operations attributable to owners of the parent;
                                                                                             * adjustments to retained earnings due to changes in accounting policies / standards;
                                                                                             * reduction in retained earnings on share buy back;
                                                                                             * amounts transferred to / from reserves; or
                                                                                             * dividends declared or paid.

P

Paid-up ordinary shares                                                                         This represents paid-up ordinary shares issued by the reporting Level 2 insurance group that meet the criteria for classification as ordinary shares for regulatory purposes in accordance with GPS 112.

PL surplus / (deficit)                                                                          For remaining coverage, this is the insurance and reinsurance contract liabilities after deducting insurance and reinsurance contract assets determined under Australian Accounting Standards in surplus (positive figure) or deficit (negative figure) to the net premiums liabilities determined under GPS 340.

Premiums receivable                                                                             This is the value of unpaid premiums in relation to direct insurance business and inwards reinsurance business. Unpaid premiums include premiums that are due to be received, unpaid premiums available for collection, and premiums not yet available for collection. Insurers must include all unpaid instalment premiums.

                                                                                                This amount includes unpaid premiums in relation to unclosed business. Unclosed business refers to business written close to the balance date where acceptance of risk is prior to the balance date but there is insufficient information to accurately identify the business. This includes insurance policies that have not been processed, but for which a reporting insurer is liable at the valuation date.

                                                                                                Premiums should be gross of reinsurance and commissions, before profit share rebates, and inclusive of stamp duty, policy fees, loadings and discounts.

                                                                                                For inwards reinsurance business, if there is a legal right of set-off within the underlying reinsurance contract, report the amount after set-off against other amounts payable to the cedant under that reinsurance contract. If the amount is a net payable position to the cedant, report the amount under claims payable. If there is not a legal right of set-off, report the amount receivable without set-off. Also refer to the definition of claims payable.

                                                                                                Premiums receivable is netted against insurance contract liabilities or added to insurance contact assets under AASB 17.

                                                                                                Premiums receivable must be reduced by the amount that is likely to become uncollectable in the future.

Premiums receivable expected to be received in 6 months or less                                 This represents premiums receivable amounts that are expected to be received in 6 months or less as at the reporting date (e.g. from insurance brokers or other