Document ID: chunk:federal_register_of_legislation:F2023L00577:body:0:p7
Version: federal_register_of_legislation:F2023L00577
Segment Type: other
Provision Reference: 
Character Range: 16378–19254

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.

Report losses and expenses as negative values.

Region reporting

Inter-region elimination is the value of inter-region transactions, which are eliminated on consolidation, and need to be reported as negative values under Inter-region elimination.

Australian and international business

Australian business is as defined in Prudential Standard GPS 001 Definitions (GPS 001).

International business is as defined in GPS 001.

For entities that are not insurers within the Level 2 insurance group, items should be reported as:

    * Australian business where they relate to an entity incorporated in Australia; and

    * International business where they relate to an entity incorporated outside of Australia. The entity should be included in the international region that most appropriately reflects the incorporation of the entity. The region can be selected to align to the region(s) chosen by the Level 2 insurance group for reporting insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973.

Columns for Level 2 insurance group
Column 1   Column 1 total business, is a derived column (excluding items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48) and is calculated as the sum of column 2 to column 10.

           Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: Report the amount for 'total business' (not a derived amount).
Column 2   Report the amount for Inter-region elimination.

           Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for 'Inter-region elimination', otherwise report nil amounts.
Column 3   Report the amount for Australian business.

           Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for 'Australian business', otherwise report nil amounts.
Column 4   Report the amount for International business - New Zealand.

           Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for 'International business - New Zealand', otherwise report nil amounts.
Column 5   Report the amount for International business - South East Asia.

           Items 34 to 37 inclusive; items 39 to 44 inclusive; and items 47 to 48: If information is available without undue cost or effort to the reporting insurer, report the amount for 'International