Market value or fair value has the same Market value or fair value has the same meaning as defined in the Australian Accounting standards. Market value is defined for accounting purposes as a subset of fair value, where fair value means 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:

Reporting Form GRF 450.0

Interest in Controlled Entities and Joint Venture

Instruction Guide

Introduction

This form captures information on the reporting an insurer’s interest in controlled entities and joint venture entities and joint venture operations.

Audit requirements

The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.

Reporting entities

Forms are to be completed for the following reporting entities where appropriate:

1. Authorised insurance entities (including mutuals); and
2. Authorised reinsurance entities.

Unit of measurement

This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. As a general rule, amounts denominated in foreign currency are to be converted to AUD in accordance with the requirements of the Australian accounting standards, notably AASB 1012 ‘Foreign Currency Translation’.

Basis of preparation

Insurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.

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.

Reporting lag

This 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 the Reporting Requirements table.

Specific instructions

This form is separated into the following parts:

1. Part A: Interest in Controlled entities
2. Part B: Interest in Joint Venture Operations/entities

The requirements for each of these are detailed below:

Part A: Interest in Controlled Entities

For the purposes of this form, “Entity" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.

For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 1024 Consolidated Accounts. AASB 1024 defines a controlled entity/“subsidiary" as meaning an entity which is controlled by a parent entity. A parent entity is defined as an entity which controls another entity.