Document ID: chunk:federal_register_of_legislation:F2015L01291:body:0:p7
Version: federal_register_of_legislation:F2015L01291
Segment Type: other
Provision Reference: 
Character Range: 17507–20353

8               Report reinsurance assets in item 8.

Reinsurance assets   Represents assets arising from net contractual rights under a reinsurance contract with respect to insurance benefits offered to beneficiaries. A reinsurance contract is an insurance contract issued by one insurer (the reinsurer) to compensate another insurer (the cedent) for losses on one or more contracts issued by the cedent. Reference: Australian Accounting Standards.

Item 9                          Report property, plant and equipment in item 9.

Property, plant and equipment   Represents tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Excludes: Property classified as investments. Reference: Australian Accounting Standards.

Item 10  Item 10 is a derived item. Report other assets in item 10 as total assets reported in item 11 minus the sum of total receivables reported in item 1, investments reported in item 2, securities purchased under agreements to resell and securities borrowed reported in item 3, derivative assets reported in item 4, current tax assets reported in item 5, deferred tax assets reported in item 6, goodwill reported in item 7, reinsurance assets reported in item 8 and property, plant and equipment reported in item 9.

         Report details of other assets on separate lines in item 10.1. Report the description of the asset in column 1 and value of the asset in column 2.

Assets   Represents a resource: (a) controlled by an entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference: Australian Accounting Standards.

Item 11  Report total assets in item 11.

Liabilities

Item 12 to item 20 inclusive collect information about the liabilities of the RSE.

Reporting basis: report item 12 to item 20 inclusive as at the end of the reporting period.

Item 12           Item 12.2 is a derived item. Report other payables in item 12.2 as total payables reported in item 12 minus benefits payable reported in item 12.1.

Payables          Represents short term liabilities owed to creditors or beneficiaries.

Benefits payable  Represents the liability to members who remain unpaid in lieu of having exited or drawing a benefit payment.

Item 13             Item 13 is a derived item. Report borrowings in item 13 as the sum of the values reported in column 2 of item 13.1.

                    Report details of borrowings on separate lines in item 13.1. Report the description of the borrowing in column 1 and value of the borrowing in column 2. Report as part of the description in column 1 whether the borrowing arrangement falls under the exceptions in s. 67 of the SIS Act and limited