Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p27
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 113462–116516

must be determined within EFCF (and be monitored and reported) separately under the accounting standard led method.

Columns 13 to 18  Report the value for each of the items listed below which relates to RA by APRA class of business and by investment account benefits and other benefits.

Columns 19 to 24  Report the value for each of the items listed below which relates to CSM by APRA class of business and by investment account benefits and other benefits.

Columns 25 to 26  Report the value for each of the items listed below which relates to AASB 17 SRPP and AASB 17 SRP (overseas par).

1. Opening balance

Item A1.1  Report opening balances of AASB 17 liabilities, AASB 17 SRPP and AASB 17 SRP (overseas par).

           This is the amount of EFCF (non-PRP portion), EFCF (PRP portion), RA, CSM, AASB 17 SRPP and AASB 17 SRP (overseas par) at the beginning of the reporting period.

           Insurers must maintain separate records for two components of EFCF:

               * EFCF (PRP portion); and
               * EFCF (non-PRP portion).
           Opening balances of AASB 17 liabilities would be net of any accounts receivable relating to participating business.

           Opening balances of AASB 17 liabilities would include any accounts payable relating to participating business.

           Opening balance of EFCF (PRP portion) must exclude cost of declared bonus relating to the previous reporting period. Cost of declared bonus relating to the previous reporting period must be included in EFCF (non-PRP portion) and RA (if required).

           Use a positive number for the components of AASB 17 liabilities. Use a negative number for negative EFCF (PRP portion), AASB 17 SRPP or AASB 17 SRP (overseas par).

2. Impact of inflows and outflows on AASB 17 liabilities

Item A2.1   Report premiums received – impact on AASB 17 liabilities.

            This is premiums received for participating business.

            For participating investment account benefits, report deposits as premium received.

            Report gross of tax on premiums. Tax on premiums is reported in A2.13.

            Report gross of reinsurance premiums. Reinsurance premiums is reported in A2.9.

            For premiums received relating to new business, allocate the premium amount to EFCF (non-PRP portion), RA and CSM.

            AASB 17 liabilities increase if cash is received. Note that a receivable balance would be netted against the liability component.
Item A2.2   Report death and disability claims paid including interim and terminal bonus – impact on EFCF (non-PRP portion).

            This is death and disability claims paid including interim and terminal bonus for participating business.

            For participating investment account benefits, report withdrawal payments made on death or disability as claims paid.

            Report gross of reinsurance recoveries. Reinsurance recoveries is reported in A2.10.

            AASB 17 liabilities decrease if cash is paid. Note that a payable balance would be