Financial Sector (Collection of Data) (reporting standard) determination No. 122 of 2023
Other comprehensive incomeOther comprehensive income
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Statement of profit or loss and other comprehensive income
General instructions
These instructions assist completion of the information collected by Reporting Standard LRS 310.0 Statement of profit or loss and other comprehensive income (LRS 310.0). This Reporting Standard collects information relating to the licensed insurer’s profit or loss and other comprehensive income.
Reporting tables
Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.
General accounting basis
In completing the reporting standards, unless otherwise stated specifically, reporting life companies are to follow the basis consistent with the relevant Australian Accounting Standards. In particular, appropriate consideration must be given to the interpretation, the basis for measurement, and the netting between revenues/expenses items and financial assets/liabilities.
References to Australian Accounting Standards
Each item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.
IFRS taxonomy element reference
Each IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:
(a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;
(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and
(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.
Reporting direction for life insurers
For APRA reporting, life insurers must also meet the relevant policy liability valuation requirements outlined in the Prudential Standard LPS 340 Valuation of Policy Liabilities.
Division Other comprehensive income - Financial Sector (Collection of Data) (reporting standard) determination No. 122 of 2023 - Other comprehensive income | Zoe
Definitions
Terms that are highlighted in bold italics are defined in these instructions.
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by life insurers including friendly societies (together referred to as life insurers or licensed insurers) for each reporting period on statutory fund (approved benefit fund for a friendly society), licensed insurer and statutory fund eliminations bases.
LRS 310.0 must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.
LRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term ‘general fund’ has been used to refer to the shareholders’ fund of a life company other than a friendly society or the management fund of a friendly society.
Please disclose non-distinct investment components in Reporting Standard LRS 320.0 Liability Roll Forwards at:
Part A: Liability Roll Forward 1, item 12: ‘Investment components and premium refunds’, item 18: ‘Claims and other expenses paid, including investment components’; and
Part B: Liability Roll Forward 1, item 9: ‘Investment components and premium refunds’
as applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).
APRA class of business
The APRA class of business that apply for the purpose of this Reporting Standard are:
Australia – Ordinary Business
Australia – Superannuation Business
Overseas – All Business
The expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.
The expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.
This section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.
Direct business is any insurance business written / insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.
Non-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
Report losses and expenses as negative values.
Columns for Licensed insurer and Statutory fund eliminations reporting:
Column 1
Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.
Column 2
Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.
Column 3
Column 3 ‘Total business before statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 2.
Column 4
Report the total amounts for Australian business statutory fund eliminations in negative values.
Column 5
Report the total amounts for overseas business statutory fund eliminations in negative values.
Column 6
Column 6 ‘Total business’ is a derived column and is calculated as the sum of columns 4 and 5.
Column 7
Column 7 ‘Australian business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 1 and 4.
Column 8
Column 8 ‘Overseas business after statutory fund eliminations’ is a derived column and is calculated as the sum of columns 2 and 5.
Column 9
Column 9 ‘Total business (after statutory fund eliminations)’ is a derived column and is calculated as the sum of columns 7 and 8.
Column 10
Report the amounts as applicable for the general fund in positive values.
Column 11
Report the amounts as applicable for general fund eliminations in negative values.
Column 12
Column 12 is a derived column and is calculated as the sum of columns 9, 10 and 11. Total entity is equal to the sum of Total business (after statutory fund eliminations), General fund, and General fund eliminations’
Columns for Statutory fund reporting:
Column 1
Report the amounts for Australian business for the individual statutory fund.
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.
Insurance revenue
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.
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.
Insurance service expense
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.
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.
Insurance service result before reinsurance contracts held
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.
Allocation of reinsurance premiums
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.
Amounts recoverable from reinsurers
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).
Net expense from reinsurance contracts held
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.
Insurance service result
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).
Interest revenue calculated using the effective interest method
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.
Other interest and similar income
Item 9
Report other interest and similar income, include income that is not reported at item 8 and items 10 to 16.
Net gains/losses on financial assets at fair value through profit or loss
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).
Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income
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).
Net change in investment contract liabilities
Item 12
Report the net change in investment contract liabilities.Report this item in accordance with AASB 7.20 (a) (i).
Net gains/(losses) on derecognition of financial assets measured at amortised cost
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).
Impairment loss on financial assets
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).
Net gains from fair value adjustments to investment properties
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).
Net foreign exchange income / expense
Item 16
Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice.
Total investment result
Item 17
Item 17 total investment result is a derived item and is calculated as the sum of items 8 to 16 inclusive.
Insurance finance expenses for insurance contracts issued
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.
Reinsurance finance income for reinsurance contracts held
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.
Net insurance financial result through profit or loss
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.
Asset management services revenue
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.
Investment management expenses
Item 22
Report investment management expenses.
Share of profit/loss of associates and joint ventures accounted for using the equity method
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.
Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations
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.
Impairment loss for goodwill
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).
Other income
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.
Other finance costs
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)).
Other expenses
Item 28
Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item.
Profit/loss from continuing operations before tax
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.
Income tax expense from continuing operations
Item 30
Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77.
Profit/loss for the year from continuing operations after income tax
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.
Profit/loss from discontinued operations after income tax
Item 32
Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea).
Profit (loss) after income tax attributable to members of the company
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).
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Report this item in accordance with AASB 101.82A (a) (ii).
Change in fair value of financial assets at fair value through other comprehensive income
Item 34
Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii).
Amount reclassified to profit or loss
Item 35
Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii).
Insurance finance expenses for insurance contracts issued
Item 36
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 17.90 and AASB 17 Appendix A.
Reinsurance finance income for reinsurance contracts held
Item 37
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, AASB 17.90 and AASB 17 Appendix A.
Net insurance financial result through other comprehensive income
Item 38
Item 38, net insurance financial result through other comprehensive income, is a derived item calculated as the sum of item 36 and item 37.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 39
Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii).
Income tax relating to items that will be reclassified
Item 40
Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91.
Items that will not be reclassified to profit or loss
Report this item in accordance with AASB 101.82A (a) (i).
Revaluation of land and buildings
Item 41
Report revaluation of land and buildings.Report this item in accordance with AASB 116.39.
Share of other comprehensive income of associates and joint ventures accounted for using the equity method
Item 42
Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3.
Remeasurements of post-employment benefit obligations, before tax
Item 43
Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c).
Income tax relating to items that will not be reclassified
Item 44
Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91.
Total other comprehensive income
Item 45
Item 45 total other comprehensive income is a derived item and is calculated as the sum of items 34 and 35, and items 38 to 44 inclusive.Report this item in accordance with AASB 101.81A (b).
Total comprehensive income
Item 46
Item 46 total comprehensive income is a derived item and is calculated as the sum of item 33 and item 45.Report this item in accordance with AASB 101.81A (c).