{"id":"F2006L04176","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 85 of 2006 - Reporting Standard GRS 320.0 (2007) Reconciliation of Annual Disclosure","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":61153,"registerId":"commonwealth-F2006L04176-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Schedule","sectionType":"part","heading":"Schedule","content":"#   \nSchedule\n\nReporting Standard GRS 320.0 (2007) Reconciliation of Annual Disclosure comprises 24 pages commencing on the next page.","sortOrder":0},{"sectionNumber":"Reporting Standard GRS 320.0 (2007)","sectionType":"part","heading":"Reporting Standard GRS 320.0 (2007)","content":"## Reporting Standard GRS 320.0 (2007)","sortOrder":1},{"sectionNumber":"Reconciliation of Annual Disclosure","sectionType":"part","heading":"Reconciliation of Annual Disclosure","content":"# Reconciliation of Annual Disclosure\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) and the instructions to that form (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Data collected in Form GRF 320.0 is used by APRA to reconcile:\n\n(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to\n\n(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and\n\n(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.\n\n# Application and commencement\n\n2. This reporting standard applies to all insurers on and from 1 January 2007.\n\n# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 320.0 for each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 320.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\n# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: The annual information required by paragraph 3 read with paragraph 5, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).\n\n7. The information required by this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 5 must be provided to APRA by the time specified in paragraph 7 of this reporting standard (unless an extension is granted under paragraph 8).\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n9. The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the approved auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the approved auditor to form an opinion on the accuracy and reliability of the data.\n\n10. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n11. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.\n\n12. If an insurer provides the information required by this reporting standard through an agent under either subparagraph 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 13; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 12(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 15. If APRA makes such a variation it must notify insurers in writing.\n\nTransition\n\n> 16. An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.\n\nInterpretation\n\n17. In this reporting standard:\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\n# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\nreporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n18. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":2},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) and the instructions to that form (which are attached and form part of this reporting standard).","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Data collected in Form GRF 320.0 is used by APRA to reconcile:\n\n(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to\n\n(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and\n\n(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all insurers on and from 1 January 2007.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 320.0 for each reporting period.","sortOrder":6},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 320.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: The annual information required by paragraph 3 read with paragraph 5, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).\n\n7. The information required by this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 5 must be provided to APRA by the time specified in paragraph 7 of this reporting standard (unless an extension is granted under paragraph 8).\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n9. The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the approved auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the approved auditor to form an opinion on the accuracy and reliability of the data.\n\n10. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":9},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n11. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.\n\n12. If an insurer provides the information required by this reporting standard through an agent under either subparagraph 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 13; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 12(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).","sortOrder":10},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"part","heading":"Minor alterations to forms and instructions","content":"# Minor alterations to forms and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 15. If APRA makes such a variation it must notify insurers in writing.\n\nTransition\n\n> 16. An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.\n\nInterpretation\n\n17. In this reporting standard:\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.","sortOrder":11},{"sectionNumber":"Principal Executive Officer means the pr","sectionType":"part","heading":"Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;","content":"# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\nreporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n18. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":12},{"sectionNumber":"Reporting Form GRF 320.0","sectionType":"division","heading":"Reporting Form GRF 320.0","content":"### Reporting Form GRF 320.0\n\n### Reconciliation of Annual Disclosure\n\n###### Instruction Guide\n\nIntroduction\n\nThis form enables a reconciliation of the information disclosed by the reporting insurer to APRA in the form of the audited ‘yearly statutory accounts’, to the information disclosed by the insurer in its audited general purpose financial reports prepared in accordance with the Australian Accounting pronouncements (primarily AASB 1023 ‘General Insurance Contracts’) and published to members under section 314 of the Corporations Act 2001.\n\nThis form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.\n\nYearly statutory accounts\n\nThe forms that comprise the yearly statutory accounts are highlighted in each of the reporting standards. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.\n\nThe reference to yearly statutory accounts does not refer to general purpose financial statements that the insurer may be required to prepare in accordance with the Australian accounting pronouncements.\n\nIt is a requirement of GPS 310 Audit and Actuarial Reporting and Valuation and of section 49J of the Insurance Act 1973 that the Approved Auditor of the insurer must audit the yearly statutory accounts of the insurer.\n\n#### Audit requirements\n\nThis form is required to be subject to review by the Approved Auditor of the insurer.\n\nThe scope and nature of audit testing required is outlined in the applicable Auditing and Assurance Guidance Statement issued by the Auditing and Assurance Standards Board.\n\nInformation provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:\n\n-   the completed form for the financial year must be audited by the approved auditor of the insurer (see paragraph 49J(1)(a) of the Act);\n\n-   the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));\n-   the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));\n-   the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.\n\n## Reporting entity\n\nThis form is to be completed by:\n\n1.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity); and\n2.  Authorised reinsurance entities (reference to licensed insurer in the form means total operations of the licensed entity).\n\nUnit of measurement\n\nThe form is to be completed in Australian currency, rounded in thousands of dollars with no decimal place.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\nReporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 320.0 Reconciliation of Annual Disclosure.\n\n  \nSpecific instructions\n\nAudited financial statements\n\nThis refers to the audited financial statements of the reporting insurer, for the applicable financial year that has been prepared in accordance with Australian accounting pronouncements.\n\nAPRA forms\n\nFor the purposes of this form, this refers to GRF 300.0 Statement of Financial Position and GRF 310.0 Statement of Financial Performance. These forms comprise part of the audited yearly statutory accounts that are to be prepared in accordance with the prudential reporting requirements.\n\nStatement of Financial Position\n\n1.  Net Assets (per AASB 1023 based Audited Financial Statements)\n\nReport the net asset value as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.\n\nAdd back the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n2. Outstanding Claims Provision\n\n-   Current liabilities\n\nReport in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a current liability.\n\n-   Non\\-current liabilities\n\nReport in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a non-current liability.\n\n3. Unearned Premium Provision\n\n-   Current liabilities\n\nReport in this field the value of the Unearned Premium Liability that is reported as a Current Liability in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current liabilities\n\nReport in this field the value of the Unearned Premium Liability that is reported as a Non-Current Liability in the AASB 1023 based financial statements of the insurer.\n\n4. Deferred Tax Liabilities\n\nReport in this field the value of the Deferred Tax Liabilities recognised in the AASB 1023 based financial statements of the insurer.\n\nSubtract the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n5. Deferred Acquisition Costs\n\n-   Current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n6. Deferred Reinsurance Expense\n\n-   Current assets\n\nReport in this field the value of the Deferred Reinsurance Expense reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the Deferred Reinsurance Expenses reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n7. Reinsurance recoveries associated with the Outstanding Claims Provision\n\nThis item relates only to reinsurance recoveries associated with the outstanding claims liability. Do not include other reinsurance recoveries.\n\n-   Current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n8. Non-reinsurance recoveries associated with the Outstanding Claims Provision\n\nThis item relates only to non-reinsurance recoveries associated with the outstanding claims liability. Do not include other non-reinsurance recoveries.\n\n-   Current assets\n\nReport in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n9. Deferred Tax Assets\n\nReport in this field the value of the Deferred Tax Assets recognised in the AASB 1023 based financial statements of the insurer.\n\n10. Net adjustments\n\nRepresents the aggregate value of items in the section “Add back the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 2 – 4), less the aggregate value of the items in the section “Subtract the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 5 – 9).\n\nDo not enter a value as this is automatically calculated by the form.\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n11. Expected Reinsurance Recoveries on Premium Liabilities\n\n-   Current assets\n\nReport the value of Expected Reinsurance Recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of Expected Reinsurance Recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n12. Non-reinsurance recoveries on Premium Liabilities\n\n-   Current assets\n\nReport the value of non-reinsurance recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of non-reinsurance recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n13. Reinsurance recoveries associated with the Outstanding Claims Provision\n\n-   Current assets\n\nReport the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n14. Non-reinsurance recoveries associated with the Outstanding Claims Provision\n\n-   Current assets\n\nReport the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n15. Deferred Tax Assets\n\n-   Current assets\n\nReport the value of Deferred Tax Assets reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of Deferred Tax Assets reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n16. Premium Liabilities\n\n-   Current liabilities\n\nReport the value of Premium Liabilities reported as a current liability in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current liabilities\n\nReport the value of Premium Liabilities reported as a non-current liability in GRF 300.0 Statement of Financial Position.\n\n17. Outstanding Claims Provision\n\n-   Current liabilities\n\nReport the value of Outstanding Claims Provision reported as a current liability in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current liabilities\n\nReport the value of Outstanding Claims Provision reported as a non-current liability in GRF 300.0 Statement of Financial Position.\n\n18. Deferred Tax Liabilities\n\nReport the value of the Deferred Tax Liabilities recognised in GRF 300.0 Statement of Financial Position.\n\n19. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 11 – 15), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 16 – 18).\n\nDo not enter a value as this is automatically calculated by the form.\n\n  \n\n20. Other reconciling differences:\n\n-   Asset valuation differences\n\nFair value measurement of assets\n\nAPRA applies the notion of activities integral to insurance operations for its regulatory reporting.[\\[1\\]](#_ftn1) APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[\\[2\\]](#_ftn2) investments that are controlled by the entity in the conduct of its general insurance activities.\n\nInvestments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n1.  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n2.  When there is infrequent activity in a market, and the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.[\\[3\\]](#_ftn3)\n\n-   Asset valuation differences. If the asset valuation in APRA forms is materially different to the asset valuation required by AASB 1023 ‘General Insurance Contracts’, report the differences in valuation.\n-   Detail other items not specifically listed above that are required to be taken into account to reconcile the Net Assets per the Statement of Financial Position prepared in accordance with AASB 1023 to the Net Assets per GRF 300.0 Statement of Financial Position prepared in accordance with associated instructions. Disclose subtractions as negative values and additions as positive values.\n\n  \n\n21. Adjusted Net Assets\n\nThis represents the Net Asset value reported in item number 1, adjusted for item 10 “Net adjustments”, item 19 “Net adjustment for APRA items” and any amount disclosed in item 20 “Other reconciling differences”.\n\nDo not enter a value as this is automatically calculated by the form.\n\n22. Net Assets (per APRA Forms)\n\nReport the Net Assets as reported in GRF 300.0 Statement of Financial Position. The value disclosed in this field must agree to the figure calculated in item number 21 “Adjusted Net Assets”.\n\nStatement of Financial Performance\n\n23. Net profit/loss after income tax attributable to members of the company (as disclosed in AASB 1023 based Audited Financial Statements)\n\nReport the net profit/loss after income tax attributable to members of the company as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.\n\nAdd back the following items as disclosed in the AASB 1023 based Statement of Financial Performance:\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n24. Tax Expense\n\nReport in this field the value of taxation expense that is reported in the AASB 1023 based financial statements of the insurer.\n\n25. Claims Expense\n\nReport in this field the value of the claims expense that is reported in the AASB 1023 based financial statements of the insurer.\n\n26. Underwriting Costs (i.e. AASB 1023 acquisition costs)\n\nReport in this field the value of the underwriting costs that is reported in the AASB 1023 based financial statements of the insurer.\n\n27. Reinsurance expense\n\nReport in this field the value of the reinsurance expense that is reported in the AASB 1023 based financial statements of the insurer.\n\nSubtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance:\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n28. Earned Premium Revenue\n\nReport in this field the value of the earned premium revenue that is reported in the AASB 1023 based financial statements of the insurer.\n\n29. Reinsurance Recoveries Revenue\n\nReport in this field the value of the reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.\n\n30. Non-reinsurance Recoveries Revenue\n\nReport in this field the value of the non-reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.\n\n31. Net adjustments\n\nRepresents the aggregate value of the items in the section “Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance” section (i.e. items 24 – 27), less the aggregate value of the items disclosed in the section “Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance” (i.e. items 28 - 30).\n\nDo not enter a value as this is automatically calculated by the form.\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n32. Premium Revenue\n\nReport in this field the value of the premium revenue that is reported in GRF 310.0 Statement of Financial Performance.\n\n33. Reinsurance recoveries revenue (per APRA returns):\n\nReport in this field the value of the Reinsurance recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance. Reinsurance recoveries revenue is to be reported for the following:\n\n-   Relating to future years; and\n-   Relating to current and prior years.\n\n34. Other recoveries revenue\n\nReport in this field the value of the other recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n35. Tax Expense\n\nReport in this field the value of the taxation expense disclosed in GRF 310.0 Statement of Financial Performance.\n\n36. Claims Expense (per APRA returns):\n\n-   Relating to future years\n\nReport in this field that component of the value of claims expense relating to future years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.\n\n-   Relating to current and prior years\n\nReport in this field that component of the value of claims expense relating to current and prior years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.\n\n37. Acquisition costs\n\nReport in this field the value of acquisition costs as disclosed in GRF 310.0 Statement of Financial Performance.\n\n38. Outwards reinsurance expense\n\nReport in this field the value of outwards reinsurance expense as disclosed in GRF 310.0 Statement of Financial Performance.\n\n39. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 32 - 34), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 35 – 38).\n\nDo not enter a value as this is automatically calculated by the form.\n\n  \n\n40. Other reconciling differences\n\n-   Asset valuation differences\n\nFair value measurement of assets\n\nAPRA applies the notion of activities integral to insurance operations for its regulatory reporting.[\\[4\\]](#_ftn4) APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[\\[5\\]](#_ftn5) investments that are controlled by the entity in the conduct of its general insurance activities.\n\nInvestments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n1.  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n2.  When there is infrequent activity in a market, and the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs[\\[6\\]](#_ftn6).\n\n-   Asset valuation differences. If the asset valuation in APRA forms is materially different to the asset valuation required by AASB 1023 ‘General Insurance Contracts’, report the differences in valuation.\n-   Detail other items not specifically listed above that are required to be taken into account to reconcile the Net profit/loss after income tax attributable to members of the company prepared in accordance with AASB 1023 to the Net profit/loss after income tax attributable to members of the company per GRF 310.0 Statement of Financial Performance prepared in accordance with associated instructions. Disclose subtractions as negative values and additions as positive values.\n\n41. Adjusted Net profit/loss after income tax attributable to members of the company\n\nThis represents the Net profit/loss after income tax attributable to members of the company reported in item 23, adjusted for item 31 “Net Adjustments”, item 39 “Net adjustment for APRA Items” and any amount disclosed in item 40 “Other reconciling differences’.\n\nDo not enter a value as this is automatically calculated by the form.\n\n42. Net profit/loss after income tax attributable to members of the company (per APRA Forms)\n\nReport the Net profit/loss after income tax attributable to members of the company as disclosed in GRF 310.0 Statement of Financial Performance. The value disclosed in this field must agree to the figure calculated in item 41 “Adjusted Net profit/loss after income tax attributable to members of the company”.","sortOrder":13},{"sectionNumber":"Instruction Guide","sectionType":"section","heading":"Instruction Guide","content":"###### Instruction Guide\n\nIntroduction\n\nThis form enables a reconciliation of the information disclosed by the reporting insurer to APRA in the form of the audited ‘yearly statutory accounts’, to the information disclosed by the insurer in its audited general purpose financial reports prepared in accordance with the Australian Accounting pronouncements (primarily AASB 1023 ‘General Insurance Contracts’) and published to members under section 314 of the Corporations Act 2001.\n\nThis form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.\n\nYearly statutory accounts\n\nThe forms that comprise the yearly statutory accounts are highlighted in each of the reporting standards. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.\n\nThe reference to yearly statutory accounts does not refer to general purpose financial statements that the insurer may be required to prepare in accordance with the Australian accounting pronouncements.\n\nIt is a requirement of GPS 310 Audit and Actuarial Reporting and Valuation and of section 49J of the Insurance Act 1973 that the Approved Auditor of the insurer must audit the yearly statutory accounts of the insurer.","sortOrder":15},{"sectionNumber":"Audit requirements","sectionType":"subdivision","heading":"Audit requirements","content":"#### Audit requirements\n\nThis form is required to be subject to review by the Approved Auditor of the insurer.\n\nThe scope and nature of audit testing required is outlined in the applicable Auditing and Assurance Guidance Statement issued by the Auditing and Assurance Standards Board.\n\nInformation provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:\n\n-   the completed form for the financial year must be audited by the approved auditor of the insurer (see paragraph 49J(1)(a) of the Act);\n\n-   the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));\n-   the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));\n-   the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.","sortOrder":16},{"sectionNumber":"Reporting entity","sectionType":"part","heading":"Reporting entity","content":"## Reporting entity\n\nThis form is to be completed by:\n\n1.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity); and\n2.  Authorised reinsurance entities (reference to licensed insurer in the form means total operations of the licensed entity).\n\nUnit of measurement\n\nThe form is to be completed in Australian currency, rounded in thousands of dollars with no decimal place.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\nReporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 320.0 Reconciliation of Annual Disclosure.\n\n  \nSpecific instructions\n\nAudited financial statements\n\nThis refers to the audited financial statements of the reporting insurer, for the applicable financial year that has been prepared in accordance with Australian accounting pronouncements.\n\nAPRA forms\n\nFor the purposes of this form, this refers to GRF 300.0 Statement of Financial Position and GRF 310.0 Statement of Financial Performance. These forms comprise part of the audited yearly statutory accounts that are to be prepared in accordance with the prudential reporting requirements.\n\nStatement of Financial Position\n\n1.  Net Assets (per AASB 1023 based Audited Financial Statements)\n\nReport the net asset value as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.\n\nAdd back the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n2. Outstanding Claims Provision\n\n-   Current liabilities\n\nReport in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a current liability.\n\n-   Non\\-current liabilities\n\nReport in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a non-current liability.\n\n3. Unearned Premium Provision\n\n-   Current liabilities\n\nReport in this field the value of the Unearned Premium Liability that is reported as a Current Liability in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current liabilities\n\nReport in this field the value of the Unearned Premium Liability that is reported as a Non-Current Liability in the AASB 1023 based financial statements of the insurer.\n\n4. Deferred Tax Liabilities\n\nReport in this field the value of the Deferred Tax Liabilities recognised in the AASB 1023 based financial statements of the insurer.\n\nSubtract the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n5. Deferred Acquisition Costs\n\n-   Current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n6. Deferred Reinsurance Expense\n\n-   Current assets\n\nReport in this field the value of the Deferred Reinsurance Expense reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the Deferred Reinsurance Expenses reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n7. Reinsurance recoveries associated with the Outstanding Claims Provision\n\nThis item relates only to reinsurance recoveries associated with the outstanding claims liability. Do not include other reinsurance recoveries.\n\n-   Current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n8. Non-reinsurance recoveries associated with the Outstanding Claims Provision\n\nThis item relates only to non-reinsurance recoveries associated with the outstanding claims liability. Do not include other non-reinsurance recoveries.\n\n-   Current assets\n\nReport in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.\n\n-   Non\\-current assets\n\nReport in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.\n\n9. Deferred Tax Assets\n\nReport in this field the value of the Deferred Tax Assets recognised in the AASB 1023 based financial statements of the insurer.\n\n10. Net adjustments\n\nRepresents the aggregate value of items in the section “Add back the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 2 – 4), less the aggregate value of the items in the section “Subtract the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 5 – 9).\n\nDo not enter a value as this is automatically calculated by the form.\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n11. Expected Reinsurance Recoveries on Premium Liabilities\n\n-   Current assets\n\nReport the value of Expected Reinsurance Recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of Expected Reinsurance Recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n12. Non-reinsurance recoveries on Premium Liabilities\n\n-   Current assets\n\nReport the value of non-reinsurance recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of non-reinsurance recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n13. Reinsurance recoveries associated with the Outstanding Claims Provision\n\n-   Current assets\n\nReport the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n14. Non-reinsurance recoveries associated with the Outstanding Claims Provision\n\n-   Current assets\n\nReport the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\n15. Deferred Tax Assets\n\n-   Current assets\n\nReport the value of Deferred Tax Assets reported as a current asset in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current assets\n\nReport the value of Deferred Tax Assets reported as a non-current asset in GRF 300.0 Statement of Financial Position.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n16. Premium Liabilities\n\n-   Current liabilities\n\nReport the value of Premium Liabilities reported as a current liability in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current liabilities\n\nReport the value of Premium Liabilities reported as a non-current liability in GRF 300.0 Statement of Financial Position.\n\n17. Outstanding Claims Provision\n\n-   Current liabilities\n\nReport the value of Outstanding Claims Provision reported as a current liability in GRF 300.0 Statement of Financial Position.\n\n-   Non\\-current liabilities\n\nReport the value of Outstanding Claims Provision reported as a non-current liability in GRF 300.0 Statement of Financial Position.\n\n18. Deferred Tax Liabilities\n\nReport the value of the Deferred Tax Liabilities recognised in GRF 300.0 Statement of Financial Position.\n\n19. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 11 – 15), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 16 – 18).\n\nDo not enter a value as this is automatically calculated by the form.\n\n  \n\n20. Other reconciling differences:\n\n-   Asset valuation differences\n\nFair value measurement of assets\n\nAPRA applies the notion of activities integral to insurance operations for its regulatory reporting.[\\[1\\]](#_ftn1) APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[\\[2\\]](#_ftn2) investments that are controlled by the entity in the conduct of its general insurance activities.\n\nInvestments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n1.  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n2.  When there is infrequent activity in a market, and the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.[\\[3\\]](#_ftn3)\n\n-   Asset valuation differences. If the asset valuation in APRA forms is materially different to the asset valuation required by AASB 1023 ‘General Insurance Contracts’, report the differences in valuation.\n-   Detail other items not specifically listed above that are required to be taken into account to reconcile the Net Assets per the Statement of Financial Position prepared in accordance with AASB 1023 to the Net Assets per GRF 300.0 Statement of Financial Position prepared in accordance with associated instructions. Disclose subtractions as negative values and additions as positive values.\n\n  \n\n21. Adjusted Net Assets\n\nThis represents the Net Asset value reported in item number 1, adjusted for item 10 “Net adjustments”, item 19 “Net adjustment for APRA items” and any amount disclosed in item 20 “Other reconciling differences”.\n\nDo not enter a value as this is automatically calculated by the form.\n\n22. Net Assets (per APRA Forms)\n\nReport the Net Assets as reported in GRF 300.0 Statement of Financial Position. The value disclosed in this field must agree to the figure calculated in item number 21 “Adjusted Net Assets”.\n\nStatement of Financial Performance\n\n23. Net profit/loss after income tax attributable to members of the company (as disclosed in AASB 1023 based Audited Financial Statements)\n\nReport the net profit/loss after income tax attributable to members of the company as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.\n\nAdd back the following items as disclosed in the AASB 1023 based Statement of Financial Performance:\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n24. Tax Expense\n\nReport in this field the value of taxation expense that is reported in the AASB 1023 based financial statements of the insurer.\n\n25. Claims Expense\n\nReport in this field the value of the claims expense that is reported in the AASB 1023 based financial statements of the insurer.\n\n26. Underwriting Costs (i.e. AASB 1023 acquisition costs)\n\nReport in this field the value of the underwriting costs that is reported in the AASB 1023 based financial statements of the insurer.\n\n27. Reinsurance expense\n\nReport in this field the value of the reinsurance expense that is reported in the AASB 1023 based financial statements of the insurer.\n\nSubtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance:\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.\n\n28. Earned Premium Revenue\n\nReport in this field the value of the earned premium revenue that is reported in the AASB 1023 based financial statements of the insurer.\n\n29. Reinsurance Recoveries Revenue\n\nReport in this field the value of the reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.\n\n30. Non-reinsurance Recoveries Revenue\n\nReport in this field the value of the non-reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.\n\n31. Net adjustments\n\nRepresents the aggregate value of the items in the section “Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance” section (i.e. items 24 – 27), less the aggregate value of the items disclosed in the section “Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance” (i.e. items 28 - 30).\n\nDo not enter a value as this is automatically calculated by the form.\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n32. Premium Revenue\n\nReport in this field the value of the premium revenue that is reported in GRF 310.0 Statement of Financial Performance.\n\n33. Reinsurance recoveries revenue (per APRA returns):\n\nReport in this field the value of the Reinsurance recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance. Reinsurance recoveries revenue is to be reported for the following:\n\n-   Relating to future years; and\n-   Relating to current and prior years.\n\n34. Other recoveries revenue\n\nReport in this field the value of the other recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.\n\n35. Tax Expense\n\nReport in this field the value of the taxation expense disclosed in GRF 310.0 Statement of Financial Performance.\n\n36. Claims Expense (per APRA returns):\n\n-   Relating to future years\n\nReport in this field that component of the value of claims expense relating to future years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.\n\n-   Relating to current and prior years\n\nReport in this field that component of the value of claims expense relating to current and prior years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.\n\n37. Acquisition costs\n\nReport in this field the value of acquisition costs as disclosed in GRF 310.0 Statement of Financial Performance.\n\n38. Outwards reinsurance expense\n\nReport in this field the value of outwards reinsurance expense as disclosed in GRF 310.0 Statement of Financial Performance.\n\n39. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 32 - 34), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 35 – 38).\n\nDo not enter a value as this is automatically calculated by the form.\n\n  \n\n40. Other reconciling differences\n\n-   Asset valuation differences\n\nFair value measurement of assets\n\nAPRA applies the notion of activities integral to insurance operations for its regulatory reporting.[\\[4\\]](#_ftn4) APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[\\[5\\]](#_ftn5) investments that are controlled by the entity in the conduct of its general insurance activities.\n\nInvestments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n1.  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n2.  When there is infrequent activity in a market, and the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs[\\[6\\]](#_ftn6).\n\n-   Asset valuation differences. If the asset valuation in APRA forms is materially different to the asset valuation required by AASB 1023 ‘General Insurance Contracts’, report the differences in valuation.\n-   Detail other items not specifically listed above that are required to be taken into account to reconcile the Net profit/loss after income tax attributable to members of the company prepared in accordance with AASB 1023 to the Net profit/loss after income tax attributable to members of the company per GRF 310.0 Statement of Financial Performance prepared in accordance with associated instructions. Disclose subtractions as negative values and additions as positive values.\n\n41. Adjusted Net profit/loss after income tax attributable to members of the company\n\nThis represents the Net profit/loss after income tax attributable to members of the company reported in item 23, adjusted for item 31 “Net Adjustments”, item 39 “Net adjustment for APRA Items” and any amount disclosed in item 40 “Other reconciling differences’.\n\nDo not enter a value as this is automatically calculated by the form.\n\n42. Net profit/loss after income tax attributable to members of the company (per APRA Forms)\n\nReport the Net profit/loss after income tax attributable to members of the company as disclosed in GRF 310.0 Statement of Financial Performance. The value disclosed in this field must agree to the figure calculated in item 41 “Adjusted Net profit/loss after income tax attributable to members of the company”.","sortOrder":17}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2450},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation maintains its original scope as a reconciliation reporting standard for general insurers, consistent with the stated objective of bridging public financial disclosures and APRA regulatory accounts. While it replaces a previous standard (as noted in the transition clause), the core purpose remains unchanged."},"complexity_factors":["42 separate line item requirements spanning Statement of Financial Position and Statement of Financial Performance","Cross-references to three legislative regimes: Insurance Act 1973, Corporations Act 2001, and Financial Sector (Collection of Data) Act 2001","Integration with accounting standard AASB 1023 and prudential standard GPS 310","Dual submission pathways (electronic with digital certificates vs paper) with distinct authorisation requirements","Conditional provisions for outsourced agents and APRA discretion to alter reporting periods","Technical accounting distinctions between current/non-current classifications and fair value measurement requirements"],"plain_english_summary":"This standard requires all APRA-authorised general insurers and reinsurers to complete Form GRF 320.0 each year reconciling their public AASB-based annual reports with the prudential returns they file with APRA.  \n\nBy forcing a line-by-line bridge between shareholder-facing accounts and regulator-facing figures, it helps APRA spot materially different valuations or disclosures and strengthens supervisory transparency."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument sets out the intended scope: it applies to all general insurers from 1 January 2007 and to those preparing AASB 1023-based general purpose financial statements (para 2; form introduction). A transition clause (para 16) preserves prior-period rules. The text does not itself expand or narrow that scope beyond these stated parameters."},"complexity_factors":["Cross-references to multiple statutes and instruments (Collection of Data Act s13; Insurance Act references: paras 1, 5, Note re 49J/49L)","Detailed line-item reconciliation between two accounting frameworks (AASB 1023-based statements vs APRA GRF 300.0/310.0) with 42 numbered form items and automatic calculations (Form GRF 320.0 instructions)","Audit and assurance requirements tying the form into yearly statutory accounts and requiring approved auditor review/testing (paras 5 Note, 9; Audit requirements in form)","Operational compliance obligations: electronic or paper submission rules, digital signing, agent-handling and signed paper-copy retention (paras 4, 11–13, 12)","APRA discretion to change reporting frequency or grant extensions and to vary forms/instructions for minor corrections (paras 6, 8, 14–15)","Valuation rules and judgment areas: APRA’s ‘integral to insurance activities’ fair value measurement and guidance for illiquid markets (Form instructions, items 20 and 40)","Transition rule requiring prior-period reporting under the previous standard (para 16) which creates implementation sequencing","Interpretation definitions and dependency on amended/replaced prudential standards (paras 17–18) that can shift requirements without amending the form text"],"plain_english_summary":"This reporting standard requires all general insurers to submit an audited reconciliation (Form GRF 320.0) that maps their published AASB 1023-based financial statements to the APRA regulatory accounts (GRF 300.0/310.0). It prescribes submission methods, timing (normally four months after year‑end), audit and board controls, authorised signatories and APRA’s power to vary frequency or minor form details. The stated purpose is to let APRA identify and measure material differences between public accounts and regulatory returns."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-85-of-2006-reporting-standar/documents"}}