Document ID: chunk:federal_register_of_legislation:F2023L00635:body:0:p8
Version: federal_register_of_legislation:F2023L00635
Segment Type: other
Provision Reference: 
Character Range: 19268–22227

assets for insurance acquisition cash flows from inwards reinsurance.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.

            Column 3:

            Item 2.2.6 is a derived item and is calculated as the sum of column 1 and column 2.

3.                  Insurance service result before reinsurance contracts held
Item 3  Item 3, insurance service result before reinsurance contracts held, is a derived item and is calculated as the sum of item 1 and item 2.

4.                  Allocation of reinsurance premiums
Item 4  Column 1, Column 2 and Column 4:

        Report allocation of reinsurance premiums.

        It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.

        Report this item in accordance with AASB 17.86.

        Column 3:

        Item 4 is a derived item and is calculated as the sum of column 1 and column 2.

5.                  Amounts recoverable from reinsurers
Item 5  Column 1, Column 2 and Column 4:

        Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.

        Report this item in accordance with AASB 17.86.

        The amount reported at this item should reconcile to item 8 Amounts recoverable from reinsurers reported in Reporting Standard HRS 320.0 Liability Roll Forwards, at Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (HRS 320.0, Part B RF1).

        Column 3:

        Item 5 is a derived item and is calculated as the sum of column 1 and column 2.

6.                  Net expense from reinsurance contracts held
Item 6  Item 6, net expense from reinsurance contracts held, is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.

        Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86.

7.                  Insurance service result
Item 7  Item 7, insurance service result, is a derived item and is calculated as the sum of item 3 and item 6.

        Report this item in accordance with AASB 17.80 (a).

8.                  Interest revenue calculated using the effective interest method
Item 8  Report interest revenue calculated using the effective interest method.

        Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A.

        This item only needs to be reported in Column 3 and Column 4.

9.                  Other interest and similar income
Item 9  Report other interest and similar income. Include income that is not reported at item 8 and