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Financial Sector (Collection of Data) (reporting standard) determination No. 122 of 2023
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 122 of 2023.
| Column 1 | Report the amounts for Australian business for the individual statutory fund. |
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| Column 2 | Report the amounts for overseas business for the individual statutory fund. |
| Column 3 | Column 3 is a derived column and is calculated as the sum of columns 1 and 2. |
| Item 1 | Item 1 total insurance revenue is a derived item calculated as the sum of items 1.1 to 1.4 inclusive.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |
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| Item 1.1 | Report insurance revenue from life insurance direct business. |
| Item 1.2 | Report insurance revenue from life investment direct business. |
| Item 1.3 | Report insurance revenue from inwards reinsurance. |
| Item 1.4 | Report insurance revenue from non-life insurance business. |
| Item 2 | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 to 2.4. inclusive.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84. |
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| Item 2.1 | Item 2.1 insurance service expense from life insurance direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive. |
| Item 2.1.1 | Report incurred claims from life insurance direct business. |
| Item 2.1.2 | Report other insurance service expenses from life insurance direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item. |
| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from life insurance direct business. |
| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from life insurance direct business.Report this item in accordance with AASB 17.47-52. |
| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from life insurance direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure. |
| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from life insurance direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |
| Item 2.2 | Report life investment direct business. |
| Item 2.2.1 | Report other insurance service expenses from life investment direct business.Report this item in accordance with AASB 17.103 (b). |
| Item 2.3 | Item 2.3, insurance service expenses from inwards reinsurance, is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive. |
| Item 2.3.1 | Report incurred claims from inwards reinsurance. |
| Item 2.3.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item. |
| Item 2.3.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance. |
| Item 2.3.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52. |
| Item 2.3.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure. |
| Item 2.3.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |
| Item 2.4 | Item 2.4, insurance service expenses from non-life insurance business, is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive. |
| Item 2.4.1 | Report incurred claims from non-life insurance business. |
| Item 2.4.2 | Report other insurance service expenses from non-life insurance business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item. |
| Item 2.4.3 | Report amortisation of insurance acquisition cash flows from non-life insurance business. |
| Item 2.4.4 | Report losses and reversal of losses on onerous contracts from non-life insurance business.Report this item in accordance with AASB 17.47-52. |
| Item 2.4.5 | Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure. |
| Item 2.4.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |
| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |
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| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |
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| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8 ‘Amounts recoverable from reinsurers’ reported in Reporting Standard LRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (LRS 320.0 Part B RF1). |
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| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |
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| Item 7 | Item 7 insurance service result is a derived item and is calculated sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |
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| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |
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| Item 9 | Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16. |
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| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |
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| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |
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| Item 12 | Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i). |
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| Item 13 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |
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| Item 14 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |
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| Item 15 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |
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| Item 16 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |
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| Item 17 | Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive. |
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| Item 18 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |
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| Item 19 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers" as reported in LRS 320.0 Part B RF1 item 14 at this item. |
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| Item 20 | Item 20 net insurance financial result through profit or loss, is a derived item calculated as the sum of item 18 and item 19. This item can be a net income or net expense. |
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| Item 21 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |
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| Item 22 | Report investment management expenses. |
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| Item 23 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |
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| Item 24 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |
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| Item 25 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |
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| Item 26 | Report other income that is not reported elsewhere in this Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |
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| Item 27 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (with the meaning given to it in AASB 16.49 and AASB 16.53 (b)). |
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| Item 28 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |
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| Item 29 | Item 29 is a derived item and is calculated as the sum of items 7, 17, and items 20 to 28 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |
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| Item 30 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |
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| Item 31 | Item 31 profit/loss for the year from continuing operations after income tax, is a derived item calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81A. |
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| Item 32 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |
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| Item 33 | Item 33 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 31 and item 32.Report this item in accordance with AASB 101.81B (a) (ii). |
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