Document ID: chunk:federal_register_of_legislation:F2023L00635:body:0:p4
Version: federal_register_of_legislation:F2023L00635
Segment Type: other
Provision Reference: 
Character Range: 8387–11591

each field have also been provided.

General accounting basis

Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.

References to Australian Accounting Standards

Each item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.

IFRS taxonomy element reference

Each IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:

(a)          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 are 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 highlighted in bold italics indicate that the definition is provided in these instructions.

Specific instructions

Reporting basis

Information in this Reporting Standard is to be completed by private health insurers for each reporting period on a private health insurer basis.

Units of measurement

Report values in this Reporting Standard in whole Australian dollars (AUD).

Please disclose non-distinct investment components in Reporting Standard HRS 320.0 Liability Roll Forwards at:

    * Part A: Liability Roll Forward 1, item 12: 'Investment components and premium refunds', item 18: 'Claims and other expenses paid, including investment components'; and

    * Part B: Liability Roll Forward 1, item 9: 'Investment components and premium refunds'

as applicable (refer to AASB 17 paragraphs 103(c)) and 105(a)(iii)).

Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

APRA product groups

The APRA product groups health insurance business (HIB) and health-related business (HRB) that apply for the reporting purpose are defined in HPS 001. Health benefits fund (HBF) and general fund are also defined in HPS 001.
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.

Each item reported under this Reporting Standard aligns with AASB Standards. The applicable AASB references are specified with each item.

Columns for private health insurers