Document ID: chunk:federal_register_of_legislation:F2023L00569:body:0:p4
Version: federal_register_of_legislation:F2023L00569
Segment Type: other
Provision Reference: 
Character Range: 8473–11653

with the relevant Australian Accounting Standards.

    3.4.           Materiality

Subject to APRA's discretion, the reporting tables must be prepared based on the concept of materiality as applied in the Australian Accounting Standards. APRA's discretion is likely to apply in instances where the application of materiality criteria is not suitable for prudential reporting purposes.

    3.5.           Fair value approach

For capital reporting purposes, "fair value adjustments" must be determined in accordance with Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital.

For accounting reporting purposes, the term "fair value" has the meaning given to it in AASB 13 Fair Value Measurement.

    3.6.           Units of measurement

Unless otherwise indicated by the specific item instructions, information required to be reported under all reporting standards are to be prepared in whole Australian dollars (AUD) with no decimal place. Ratios are to be expressed to 2 decimal places. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

    3.7.           Related parties

Where the terms "related party" or "related parties" are used or referenced in the reporting standards, the terms "related party" or "related parties" have the meaning given to them in AASB 124 Related Party Disclosures.

    3.8.           Netting

Reporting insurers are allowed to take advantage of netting arrangements for preparing returns under the following reporting standards:

     * Reporting Standard GRS 300.0 Statement of Financial Position;

     * Reporting Standard GRS 300.0.G Statement of Financial Position;

     * Reporting Standard GRS 302.0.G Statement of Financial Position by Region;

     * Reporting Standard GRS 310.0 Statement of Profit or Loss and Other Comprehensive Income;

     * Reporting Standard GRS 310.0.G Statement of Profit or Loss and Other Comprehensive Income by Region;

     * Reporting Standard GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group; and

     * Reporting Standard GRS 311.0.G Statement of Profit or Loss and Other Comprehensive Income by Product Group and by Region.

Reporting insurers are to comply with the requirements for netting outlined in AASB 7 Financial Instruments: Disclosures, AASB 9 Financial Instruments and AASB 132 Financial Instruments: Presentation.

    3.9.           Term to maturity

Reference to term to maturity refers to residual terms to maturity, not original terms to maturity in the reporting standards.

  4.     Audit requirements

The information required to be reported to APRA under the reporting standards must be subjected to audit review and testing as detailed in Prudential Standard GPS 310 Audit and Related Matters.

   5.        General instructions

    5.1.           Inside Australia

The information required to be reported is in relation to assets and liabilities defined under the Act as being in Australia. Section 28 of the Act requires all Level 1 general insurers to maintain assets in Australia (excluding goodwill