Document ID: chunk:federal_register_of_legislation:F2023L00574:body:0:p6
Version: federal_register_of_legislation:F2023L00574
Segment Type: other
Provision Reference: 
Character Range: 13571–16729

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. The 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.

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 2 insurance group 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.

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