Document ID: chunk:federal_register_of_legislation:F2023L00707:body:0:p4
Version: federal_register_of_legislation:F2023L00707
Segment Type: other
Provision Reference: 
Character Range: 8575–11715

The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.

IFRS taxonomy element reference

Each IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board) and has a reference type that can be used to identify the source of that element.  The IFRS Taxonomy uses the following element reference types:

    (a)   disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;

    (b)   example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and

(a)          common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements. They are 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 highlighted in bold italics indicate that the definition is provided in this Reporting Standard.

Specific instructions

Reporting basis

Information in this Reporting Standard is to be completed by private health insurers for each reporting period on a private health insurer basis.

Units of measurement

Report values in this Reporting Standard in whole Australian dollars (AUD).

Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

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.

Part A: Insurance contracts issued (direct business/inwards reinsurance)

Liability Roll Forward 1 – Reconciliation of the liability for remaining coverage and the liability for incurred claims

Report the items in the table based on AASB 17.100 requirements to provide reconciliation from the opening to the closing balances of the liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). Report the reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows based on the insurer's interpretation of AASB 17.105A and AASB 17.105B requirements.

Report zero values for line items if they are not applicable.
Column 1   Report liabilities for remaining coverage excluding loss component for the current reporting period.

           Where a group of contracts meets the requirements under AASB 17.20, report these contracts in this column.

           Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (a) Disclosure.
Column 2   Report the loss component of liabilities for remaining coverage for the current reporting period.

           Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (b)