Document ID: chunk:federal_register_of_legislation:F2023L00715:body:0:p7
Version: federal_register_of_legislation:F2023L00715
Segment Type: other
Provision Reference: 
Character Range: 16782–19719

6.

Item 1: Opening insurance contract liabilities
Item 1  Report opening insurance contract liabilities.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.

Item 2: Opening insurance contract assets
Item 2  Report opening insurance contract assets.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.

Item 3: Net balance as at beginning of reporting period
Item 3  Item 3, net balance as at beginning of reporting period, is a derived item and is calculated as the sum of item 1 and item 2.

Changes in the statement of profit or loss and OCI

Item 4: Insurance revenue
Item 4   Report insurance revenue.

         Report this item in accordance with AASB 17.103 (a) Disclosure.

Items 5-11: Insurance service expenses
Item 5   Report incurred claims and other expenses.

         Report this item in accordance with AASB 17.103 (b) (i) Disclosure.
Item 6   Report insurance acquisition cash flows amortisation.

         Report this item in accordance with AASB 17.103 (b) (ii) Disclosure.
Item 7   Report changes that relate to future service: losses on onerous contracts and reversals of those losses.

         Report this item in accordance with AASB 17.103 (b) (iv) Disclosure.
Item 8   Report changes that relate to past service: changes to liabilities for incurred claims.

         Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 9   Report impairment of assets for insurance acquisition cash flows.

         Report this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.

         Based on the insurer's interpretation of AASB 17.105A, this item may not apply.
Item 10  Report reversal of impairment of assets for insurance acquisition cash flows

         Report this item in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.

         Based on the insurer's interpretation of AASB 17.105A, this item may not apply.
Item 11  Item 11, insurance service expenses, is a derived item and is calculated as the sum of items 5 to 10 inclusive.

Item 12: Investment components and premium refunds
Item 12  Report investment components and premium refunds

         Report this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.

         Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).

Item 13: Insurance service result
Item 13  Item 13, insurance service result, is a derived item and is calculated as the sum of item 4, item 11 and item 12.

Item 14: Finance expenses from insurance contracts issued
Item 14  Report finance expenses from insurance contracts issued.

         Report this item in accordance with AASB 17 Appendix A and AASB 17.105 (c) Disclosure.

Item 15: Effect of movements in exchange rates
Item 15  Report effect of movements