Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p7
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 16247–21475

of the overall shareholder retained earnings reported in Reporting Standard LRS 300.0 Statement of Financial Position. These may be equal or different to the Life Act SRPP and Life Act SRP (overseas par) respectively determined for Life Act reporting purposes using the VSA led method.

1. Opening balance

Item L1.1  Report opening balances of Life Act policy liabilities, Life Act PRP, Life Act SRPP and Life Act SRP (overseas par).                                                                                                                                                                                                Item A1.1  Report opening balances of AASB 17 liabilities, AASB 17 SRPP and AASB 17 SRP (overseas par) reporting components.

           This is the amount of Life Act policy liabilities, Life Act PRP, Life Act SRPP and Life Act SRP (overseas par) at the beginning of the reporting period.                                                                                                                                                                       This is the amount of EFCF (non-PRP portion), EFCF (PRP portion), RA, CSM, AASB 17 SRPP and AASB 17 SRP (overseas par) at the beginning of the reporting period. AASB 17 liabilities refer to the aggregate of EFCF (non-PRP portion), EFCF (PRP portion), RA, CSM.

           Opening balance of Life Act policy liabilities must not be netted against any accounts receivable relating to participating business.                                                                                                                                                                                          Insurers must maintain separate records for two components of EFCF:

           Opening balance of Life Act policy liabilities must exclude any accounts payable relating to participating business.                                                                                                                                                                                                               * EFCF (PRP portion); and
                                                                                                                                                                                                                                                                                                                                              * EFCF (non-PRP portion).
           Opening balance of Life Act PRP must exclude cost of declared bonus relating to the previous reporting period. Cost of declared bonus relating to the previous reporting period must be included in Life Act policy liabilities.                                                                                               Opening balances of AASB 17 liabilities would be net of any accounts receivable relating to participating business.

           Use a positive number for Life Act policy liabilities and retained profits and a negative number for negative Life Act PRP, Life Act SRPP or Life Act SRP (overseas) (typically, the sum of amounts reported in the Life Act components columns would also represent the amount of participating sub-fund assets).             Opening balances of AASB 17 liabilities would include any accounts payable relating to participating business.

                                                                                                                                                                                                                                                                                                                                          Opening balance of EFCF (PRP portion) must exclude cost of declared bonus relating to the previous reporting period. Cost of declared bonus relating to the previous reporting period must be included in EFCF (non-PRP portion) and RA (if required).

                                                                                                                                                                                                                                                                                                                                          Use a positive number for the components of AASB 17 liabilities. Use a negative number for negative EFCF (PRP portion), AASB 17 SRPP or AASB 17 SRP (overseas par).

2. Impact of inflows and outflows on VSA / AASB 17 liabilities

Item L2.1   Report premiums inflow – impact on VSA.                                                                                                               Item A2.1                                                                                                                                    Report premiums received – impact on AASB 17 liabilities.

            This is (accrued) premiums for participating business.                                                                                                                                                                                                                                             This is premiums received for participating business.

            For