Document ID: chunk:federal_register_of_legislation:F2023L00616:front:0:p6
Version: federal_register_of_legislation:F2023L00616
Segment Type: other
Provision Reference: 
Character Range: 14004–16197

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

    (c)          common practice — an element of this 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.

APRA classes of business (product groups)

The APRA classes of business (product groups) that apply for reporting are defined in GPS 001. For the 'other' class of business as per GPS 001, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in Table 1 and Table 2 of Attachment A of Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the other direct - category A, other direct - category B or other direct - category C line items are to follow this basis.

Definitions
Terms that are highlighted in bold italics are defined in these instructions.

Direct business

Direct business relates to direct insurance contracts when the insurer has a contract directly with a policyholder that is not an insurer or reinsurer.

Specific instructions

Table 1: Insurance Revenue and Incurred Claims by State and Territory of Australia

Reporting basis

Only insurers that write direct classes of business are required to report this table. Report on a Level 1 (licensed insurer) basis.

Units of measurement

Report values in whole Australian dollars (no decimal places).

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.

   Name                              Valid values                         Description