Document ID: chunk:federal_register_of_legislation:F2023L00635:body:0:p6
Version: federal_register_of_legislation:F2023L00635
Segment Type: other
Provision Reference: 
Character Range: 13838–16802

the sum of items 1.2.1 to 1.2.3 inclusive.
Item 1.2.1  Column 1, Column 2 and Column 4:

            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.

            Column 3:

            Item 1.2.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.2  Column 1, Column 2 and Column 4:

            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.

            Column 3:

            Item 1.2.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 1.2.3  Column 1, Column 2 and Column 4:

            Report insurance revenue from inwards reinsurance business for all other contracts.

            Column 3:

            Item 1.2.3 is a derived item and is calculated as the sum of column 1 and column 2.

2.                  Insurance service expense
Item 2      Item 2, total insurance service expense, is a derived item calculated as the sum of item 2.1 and item 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  Column 1, Column 2 and Column 4:

            Report incurred claims from direct business. The amount reported at this item is net of Risk Equalisation Special Account (RESA) recoveries/payments.

            Column 3:

            Item 2.1.1 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.2  Column 1, Column 2 and Column 4:

            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.

            Column 3:

            Item 2.1.2 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.3  Column 1, Column 2 and Column 4:

            Report amortisation of insurance acquisition cash flows from direct business.

            Column 3:

            Item 2.1.3 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.4  Column 1, Column 2 and Column 4:

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

            Report this item in accordance with AASB 17.47-52.

            Column 3:

            Item 2.1.4 is a derived item and is calculated as the sum of column 1 and column 2.
Item 2.1.5  Column 1, Column 2 and Column 4:

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

            Report this item in accordance with AASB