Document ID: chunk:federal_register_of_legislation:F2023L00623:body:0:p4
Version: federal_register_of_legislation:F2023L00623
Segment Type: other
Provision Reference: 
Character Range: 8395–11546

society, by whatever name called.

      financial year has the meaning in the Corporations Act 2001.

      general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.

      Life Act means the Life Insurance Act 1995.

      Principal Executive Officer means the principal executive officer of the friendly society, by whatever name called, and whether or not he or she is a member of the governing board of the entity.

      reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.

18.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard LRS 114.5

Friendly Society Related Items

General instructions

Reporting tables

Tables described in this Reporting Standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

D
Declared bonus rate   This is the net of tax bonus rate declared at the year end. The rate would typically be calculated based on the fund's smoothed investment earnings less income tax, management fees and expenses of the fund.

F
Fees paid to the management fund      This applies to benefit fund reporting. It represents the fees paid from the benefit fund to the management fund (before tax) to cover the cost of operating and administrating the benefit fund. The fees are typically based on Funds Under Management (FUM).
Fees received by the management fund  This applies to management fund reporting. It represents the fees received by the management fund from the benefit fund (before tax) to cover the cost of operating and administrating the benefit fund. The fees are typically based on FUM.

G
Guaranteed benefits – measurement model  This reports the measurement model that a friendly society uses to measure guaranteed benefits for each benefit fund for the purposes of surplus distribution. Friendly societies are to choose one of the following measurement models:

                                             * best estimate liability valued using yields of commonwealth government securities;
                                             * best estimate liability valued using risk free rates other than yields of commonwealth government securities;
                                             * best estimate liability valued using asset earning rates;
                                             * account balance; or
                                             * other (please specify).

I
Increase / (decrease) in unallocated surplus                       This is the increase / (decrease) in unallocated surplus in the fund.
Investment earnings and capital gains gross of tax and net of IME  This