Document ID: chunk:federal_register_of_legislation:F2023L00614:body:0:p5
Version: federal_register_of_legislation:F2023L00614
Segment Type: other
Provision Reference: 
Character Range: 11054–14104

GRS 311.0 Statement of Profit or Loss and Other Comprehensive Income by Product Group. This Reporting Standard collects income statement data by APRA product groups (classes of business).

Reporting tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for 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 (IASB)) 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 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 form is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.

APRA product groups

The APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:

Insurance business

    * C1: Householders
    * C2: Commercial Motor
    * C3: Domestic Motor
    * C4: Travel
    * C5: Fire and ISR
    * C6: Marine
    * C7: Aviation
    * C8: Consumer Credit
    * C9: Other Accident
    * C10: Mortgage
    * C11: CTP
    * C12: Public and Product Liability
    * C13: Professional Indemnity
    * C14: Employers Liability
    * C15: Cyber
    * C16: Directors and Officers
    * C17: Other Direct – Category A
    * C18: Other Direct – Category B
    * C19: Other Direct – Category C

Reinsurance business

    * RB1: Proportional – Category A
    * RB2: Proportional – Category B
    * RB3: