Document ID: chunk:federal_register_of_legislation:F2023L00702:front:0:p7
Version: federal_register_of_legislation:F2023L00702
Segment Type: other
Provision Reference: 
Character Range: 19351–22659

but not yet paid which has been recognised within insurance and reinsurance contract liabilities and assets reported on the balance sheet under AASB 17 Insurance Contracts (AASB 17).

(Items subject to Asset Risk Charge type)  Life companies must exclude any amount already allowed in adjusted policy liabilities to avoid double counting.

                                           This amount must be consistent with claims payable reported in LRS 112.0 as a component of liability adjustment (gross of tax effect).

                                           This item must not be reported as a component of other asset and liability items including adjusted policy liability related items reported in this Reporting Standard.
Counterparty grade                         This is the classification applied to an investment or exposure as per the requirements of LPS 001. Assets guaranteed by an Australian state or territory government must be reported in the counterparty grade that applies after rating up one grade in accordance with LPS 114.
Credit spread fair value amount            This is the fair value of assets that are subject to the credit spreads stress.
Credit spread stressed amount              This is the stressed value of assets that are subject to the credit spreads stress.
Credit spreads stress                      This is the impact on the fund's capital base of an increase in credit spreads and the risk of default and is calculated in accordance with LPS 114.

(Stress scenario type)                     This stress applies to interest-bearing assets, including cash deposits and floating rate assets. Credit derivatives and zero-coupon instruments such as bank bills must also be included. This stress also applies to liabilities whose value depends on the illiquidity premium.
Currency downwards stress                  This is the impact on the fund's capital base of downward changes in foreign currency exchange rates and is calculated in accordance with LPS 114.

(Stress scenario type)
Currency upwards stress                    This is the impact on the fund's capital base of upward changes in foreign currency exchange rates and is calculated in accordance with LPS 114.

(Stress scenario type)
Current tax assets                         This is the value of current tax assets determined in accordance with Australian Accounting Standards.

(Items subject to Asset Risk Charge type)
Current tax liabilities                    This is the value of current tax liabilities determined in accordance with Australian Accounting Standards.

(Items subject to Asset Risk Charge type)

D
Default stress                                                               This is the impact on a fund's capital base of the risk of counterparty default and is calculated in accordance with LPS 114.

(Stress scenario type)                                                       It applies to reinsurance assets, over the counter derivatives, unpaid premiums and all other credit or counterparty exposures that have not been affected by the credit spreads stress.
Deferred tax assets                                                          This is the value of deferred tax assets determined in accordance with Australian Accounting Standards.

(Items subject to Asset Risk