Document ID: chunk:federal_register_of_legislation:F2023L00575:body:0:p6
Version: federal_register_of_legislation:F2023L00575
Segment Type: other
Provision Reference: 
Character Range: 13995–17048

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.

Definitions

Terms that are highlighted in bold italics are defined in these instructions.

Specific instructions

Reporting basis

Information in this Reporting Standard is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.

Please disclose non-distinct investment components in Reporting Standard GRS 320.0 Liability Roll Forwards at:

    * Part A: Liability Roll Forward 1, item 12: Investment components and premium refunds, item 18: Claims and other expenses paid, including investment components; and

    * Part B: Liability Roll Forward 1, item 9: Investment components and premium refunds

as applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).

Direct business is any insurance business written / insurance contracts issued by the reporting insurer.

Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.

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.

Report losses and expenses as negative values.

Columns for Licensed insurer

Column 1   Report the total amount.

 1.               Insurance revenue
Item 1      Item 1 total insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.

            Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83.
Item 1.1    Item 1.1 insurance revenue direct business is a derived item and is calculated as the sum of items 1.1.1 to 1.1.3 inclusive.

Item 1.1.1  Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach.

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.

Item 1.1.3  Report insurance revenue from direct business for all other contracts.

Item 1.2    Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of items 1.2.1 to 1.2.3 inclusive.

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.

Item 1.2.2  Report insurance revenue from inwards reinsurance business for contracts that existed at