Instruction GuideInstruction Guide

Instruction Guide

Introduction

This 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 ‘Financial Reporting of General Insurance Activities’) and published to members under section 314 of the Corporations Act 2001.

This form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.

Yearly statutory accounts

The forms that comprise the yearly statutory accounts are highlighted in the Reporting Requirements table. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.

The 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.

It is a requirement of GGN 220.1 Governance 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.