Document ID: chunk:federal_register_of_legislation:F2023L00726:body:0:p6
Version: federal_register_of_legislation:F2023L00726
Segment Type: other
Provision Reference: 
Character Range: 13593–16684

type reflects common reporting practice within IFRS/AASB financial statements they 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 that are highlighted in bold italics are defined in these instructions.

Specific instructions

Reporting basis
Information in this Reporting Standard is to be completed by general insurers for each reporting period on a Level 2 insurance group basis.

Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.

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.

Region reporting

Inter-region elimination is the value of inter-region transactions, which are eliminated on consolidation, and need to be reported as negative values under Inter-region elimination.

Australian and international business

Australian business is as defined in Prudential Standard GPS 001 Definitions (GPS 001).

International business is as defined in GPS 001.

For entities that are not insurers within the Level 2 insurance group, items should be reported as:

    * Australian business where they relate to an entity incorporated in Australia; and

    * International business where they relate to an entity incorporated outside of Australia. The entity should be included in the international region that most appropriately reflects the incorporation of the entity. The region can be selected to align to the region(s) chosen by the Level 2 insurance group for reporting insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973.

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.

Columns for Level 2 insurance group
Columns 1, 8, 15 and 22.  Report liabilities for remaining coverage excluding loss component for the current reporting period for Australian business (1), International business (8) and Inter-region elimination (15). Column 22 for Total business is a derived column representing the sum of