Document ID: chunk:federal_register_of_legislation:F2023L00577:body:0:p9
Version: federal_register_of_legislation:F2023L00577
Segment Type: other
Provision Reference: 
Character Range: 21658–24704

in Column 1.
Item 1.1.2  Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the fair value approach.

            This item only needs to be reported in Column 1.
Item 1.1.3  Report insurance revenue from direct business for all other contracts.

            This item only needs to be reported in Column 1.
Item 1.2    Column 1:

            Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of column 2 to column 10

            Columns 2-10:

            Report insurance revenue from inwards reinsurance business.
Item 1.2.1  Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.

            This item only needs to be reported in Column 1.
Item 1.2.2  Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the fair value approach.

            This item only needs to be reported in Column 1.
Item 1.2.3  Report insurance revenue from inwards reinsurance business for all other contracts.

            This item only needs to be reported in Column 1.

2.                  Insurance service expense

Item 2      Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 and 2.2.

            Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84.
Item 2.1    Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive.
Item 2.1.1  Report incurred claims from direct business.

Item 2.1.2  Report other insurance service expenses from direct business.

            Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.

Item 2.1.3  Report amortisation of insurance acquisition cash flows from direct business.

Item 2.1.4  Report losses and reversal of losses on onerous contracts from direct business.

            Report this item in accordance with AASB 17.47-52.

Item 2.1.5  Report changes that relate to past service: changes to liabilities for incurred claims from direct business.

            Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.

Item 2.1.6  Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.

Item 2.2    Item 2.2 insurance service expenses from inwards reinsurance is a derived item and is calculated as the sum of items 2.2.1 to 2.2.6 inclusive.
Item 2.2.1  Report incurred claims from inwards reinsurance.

Item 2.2.2  Report other insurance service expenses from inwards