Financial Sector (Collection of Data) determination No. 26 of 2005
Basis of preparationBasis of preparation
Start here
Get a plain-English read of Basis of preparation
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) determination No. 26 of 2005.
Basis of preparation
Insurers are requested to follow the recognition and measurement basis required by the APRA forms for the reporting of claims expense in this form. Specifically claims expense that is recognised in GRF 310.2 Claims Expense and Reinsurance Recoveries.
Where the insurers operations are wholly within Australia, total claims expense per this form should agree to the aggregate of claims expense disclosed in GRF 310.2 Claims Expense and Reinsurance Recoveries.
Do not follow the recognition and measurement requirements for premium revenue contained in AASB 1023 ‘Financial Reporting for General Insurance Activities’.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
- The annual information is to be completed in respect of the financial year of the insurer.
- 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. See the Reporting Requirements table for details.