Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p12
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 28988–31872

the amount of SRPN, reported in the Overseas business Shareholder interests column of LRF 340, as is attributable to non-participating business.
35.         For each statutory fund, the total amount of aggregate shareholder retained profits on AASB 17 adoption equals the total amount of 'Net assets' that would have been reported in the Total business column of form LRF 300.1 Statement of Financial Position (SF & SF eliminations) (LRF 300) in the annual return for the fund for the financial year ending on the adjustment date had the versions of the Reporting Standards (and Prudential Standards) that apply to annual reporting periods commencing on the AASB 17 adoption date applied at that time less the amount of SC for the fund at the adjustment date.
36.         For each statutory fund, the total amount of AASB 17 change in shareholder retained profits equals the total amount of aggregate shareholder retained profits on AASB 17 adoption less the total amount of aggregate shareholder retained profits at adjustment date. This amount must be fully allocated across the categories of business as follows:
(a)          The amount allocated to Australian participating business categories must equal the component of the change attributable to AASB 17 liability restatements[3] in respect of Australian participating business;
(b)          The amount allocated to overseas participating business categories must equal the component of the change attributable to AASB 17 liability restatements in respect of overseas participating business; and
(c)          The amount allocated to non-participating business categories must equal the component of the change attributable to AASB 17 liability restatements in respect of non-participating business.

Calculation of starting amounts
37.         Except where APRA requires a life company to apply a different method or provides a life company with written approval to apply a different method, for each statutory fund of a life company, for the purposes of subsection 61(1) of the Act, the starting amount for APRP, OPRP, SRPP, SRPN and SC (for APRA annual returns) must be determined in accordance with paragraphs 38, 39 and 51 of this Prudential Standard.
38.         For a statutory fund subject to reporting to APRA under reporting standards made under Collection of Data Act subsequent to, but not on or before, the adjustment date, for the purposes of subsection 61(1) of the Act the starting amount for APRP, OPRP, SRPP, SRPN and SC for the statutory fund is zero (for APRA annual returns).
39.         Otherwise for each statutory fund subject to reporting to APRA under Collection of Data Act, with regard to APRA annual returns, for the purposes of subsection 61(1) of the Act:
(a)          for financial years commencing on or before 31 December 2022 the starting amount for APRP, OPRP, SRPP, SRPN and SC is the amount