Document ID: chunk:federal_register_of_legislation:F2023L00629:body:0:p6
Version: federal_register_of_legislation:F2023L00629
Segment Type: other
Provision Reference: 
Character Range: 13984–16868

information is to be reported by country / region of risk, as specified in the Reporting Standard. This is reported according to where the items of income / expense are on risk, assets are invested, and liabilities are located. Countries / regions of risk are:

     * Australia
     * New Zealand
     * USA
     * UK
     * Japan
     * South East Asia (excluding Japan)
     * Continental Europe
     * Other

Specific instructions

Reporting basis

This Reporting Standard only needs to be completed where the reporting insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia).

Report information for each reporting period on a Level 1 (licensed insurer) basis.

Direct business is any insurance business written or insurance contracts issued by the reporting insurer.

Inwards reinsurance is any reinsurance business written or reinsurance contracts issued by the reporting insurer.

Units of measurement

Report values 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.

Report losses and expenses as negative values.

Table 1: Statement of Risk by Country

Column 1   Report the amount for inside Australia.
Column 2   Report the amount for New Zealand.
Column 3   Report the amount for the USA.
Column 4   Report the amount for the UK.
Column 5   Report the amount for Japan.
Column 6   Report the amount for South East Asia (excluding Japan).
Column 7   Report the amount for Continental Europe.
Column 8   Report the amount for all other countries.
Column 9   Report the total amount.

           Column 9 is calculated as the sum of column 1 to column 8.

           Totals in this column should align with the corresponding totals in Reporting Standard GRS 310.0 Statement of Profit and Loss and Other Comprehensive Income (GRS 310.0) and Reporting Standard GRS 300.0 Statement of Financial Position (GRS 300.0).

The following items relate to GRS 310.0.

 1.  Insurance revenue

Item 1    Item 1, insurance revenue, is a derived item and is calculated as the sum of items 1.1 and 1.2.

          Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80(a), and AASB 17.83.

          This item aligns with item 1 of GRS 310.0.

Item 1.1  Report insurance revenue from direct business.

          This item aligns with item 1.1 of GRS 310.0.

Item 1.2  Report insurance revenue from inwards reinsurance.

          This item aligns with item 1.2 of GRS 310.0.

2.     Insurance service expense

Item 2    Item 2, insurance service expense, is a derived item and is calculated as the sum of items 2.1 and 2.2.

          Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a), and AASB