Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2007 - MRS 300.0 - Statement of Financial Position
Current assets are to be interpreted in Current assets are to be interpreted in accordance with the meaning provided in AASB 101 Presentation of Financial Statements (AASB 101).
Start here
Get a plain-English read of Current assets are to be interpreted in
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2007 - MRS 300.0 - Statement of Financial Position.
Current assets are to be interpreted in accordance with the meaning provided in AASB 101 Presentation of Financial Statements (AASB 101).
Cash and liquid assets
These items should be brought to account at the face value or the gross value of the outstanding balance where appropriate. Interest is taken to profit and loss when earned (refer to MRF 310.0 Statement of Financial Performance (MRF 310.0)).
1.1. Notes and coins
Include Australian and foreign currency notes and coins of the MDO. Notes and coins in transit between any offices of the MDO should be reported.
1.2. Money at short call
Include deposits available on demand (11am accounts, money market or 24-hour money), that are used by the MDO for daily liquidity/operations.
Do not include any deposits at call that are held as part of the MDO’s investments. These are to be disclosed as investments in MRF 140.0 Investment – Direct Interest Rate Holdings (MRF 140.0).
Do not include bank overdraft balances.
1.3. Securities purchased under agreements to resell
Treatment is to be consistent with International Accounting Standard 39. Where the transferee of the securities effectively receives a lenders rate of return (that is, the underlying risks and rewards of ownership of the underlying securities is not effectively transferred), these transactions are to be accounted for as collateralised borrowing activities (treating securities borrowing as on balance sheet exposures).
Under this method securities purchased under agreements to resell represents the receivable due from counterparties from whom the securities have been borrowed and with whom cash has been lodged. The MDO’s physical security holdings/portfolio recorded on the balance sheet are not affected (that is, increased or decreased by the securities subject to this agreement).
1.4. Total cash and liquid assets
Is the sum of all cash and liquid assets reporting items above.
Report the total of cash and liquid assets according to the counterparty grade of the obligor as detailed on the form. The grades are detailed in Attachment 1. Also report where cash and liquid assets are due from related entities.
Receivables
2.1. Total investment income receivable
Report the total of investment income that is receivable. Investment income receivable will include items such as interest, dividends, rental income, trusts distributions accrued but not yet received. Investment income should be reported in accordance with the grades specified. The grades are detailed in Attachment 1.
2.2 Recoveries other than reinsurance
Report recoveries other than reinsurance receivables. These include claims recoveries that may consist of recoveries from subrogation, salvage and other. Also include any recoveries due from Government under schemes and arrangements established in relation to medical indemnity matters.
2.2.1. Provision for doubtful debts
Report the value of recoveries other than reinsurance receivable where collection is assessed as doubtful.
2.2.2. Total net recoveries receivable
Is the value of recoveries other than reinsurance receivable, net of any associated provision for doubtful debts.
2.2.2.1 Total net amounts recoverable other than reinsurance recoveries receivable that relate to claims recognised in the calculation of the OCL
Of the total value reported in item 2.2.2, report the value that relates to claims that are recognised in the value reported for the OCL reported as a current liability in this form. Exclude recoveries that relate to claims that have been paid.
2.2.2.2 Total net recoveries receivable from related parties
Of the total value reported in item 2.2.2, report the value that is due from related parties.
2.2.3 - 2.2.7 Net recoveries receivable from counterparties
The net value of recoveries receivable is also to be reported according to the counterparty/asset rating grades of the counterparty from which the recoveries are receivable. The grades are detailed in Attachment 1.
2.3 Amounts recoverable from reinsurance contracts on outstanding claims
Report assets which derive from reinsurance activities, other than unpaid premiums, subject to where a legal right of set-off exists.
Include the amount due from reinsurers or retrocessionaires. Reinsurance recoverables on outstanding claims is the reinsured portion of the OCL to be recovered from reinsurers on settling the OCL. Measurement of the outstanding claims is to be in accordance with MRF 210.0. Accordingly, estimation of reinsurance recoveries relating to the OCL is to be estimated on a basis similar with the measurement of the claims liabilities to which it relates.
The amount recoverable is to be reported by counterparty grade. The grades are detailed at Attachment 1. Also report the value of any recoveries where it is determined that collection is considered doubtful (full or partial). (Refer items 2.3.1-2.3.13).
2.3.14. Total net reinsurance recoveries receivable from related parties
Include the amount of reinsurance recoveries from reinsurance contracts on outstanding claims that are receivable from related entities of the MDO.
2.3.15 Total net amounts recoverable on reinsurance contracts that relate to claims recognised in the calculation of the OCL
Of the total value reported in item 2.3.13, report the value of reinsurance recoveries that relates to claims that are recognised in the value reported for the OCL reported as a current liability in this form. Exclude reinsurance recoveries that relate to claims that have been paid.
2.4. Other reinsurance assets receivable
Report any other asset which relates to reinsurance, including deposits retained by reinsurers.
2.4.1 Total other reinsurance assets receivable from related parties
Report the amount of other reinsurance recoverables receivable due from related parties.
2.4.2 - 2.4.5 Total other reinsurance assets receivable from reinsurers with a counterparty
The total other reinsurance receivables are to be reported according to the counterparty grade of the reinsurers. The grades are detailed in Attachment 1.
2.5. GST receivable
Record the amount of GST that is receivable.
2.6. Subscription and other receivables
Report any other receivables not reported above. Also report by counterparty/asset grade. The grades are detailed in Attachment 1.
2.7. Total receivables
Is the total value of all receivables.
Investments (relates to the MRF 140 series of forms)
Report the value of investments that are reported in the forms listed below, which are designated as being current assets only. The non-current value of these investments are to be reported separately as non-current assets in this form.
MRF 140.0 Investments – Direct Interest Rate Holdings (MRF 140.0)
MRF 140.1 Investments – Direct Equity Holdings (MRF 140.1)
MRF 140.2 Investments – Direct Property Holdings (MRF 140.2)
MRF 140.3 Investments – Loans and Advances (MRF 140.3)
MRF 140.4 Investments – Assets Indirectly Held (MRF 140.4)
The aggregate value of investments reported as both current and non-current assets in this form must agree to the aggregate value of investments reported in the forms listed above.
Note: derivative instruments that are used to hedge investments that are included in the above forms are not to be reported in item 3. The current value of derivative instruments are to be separately reported in item number 5.2 of this form.
Any changes in the values at which such investments are measured must be recognised as revenues (or losses) in MRF 310.0 and MRF 310.3 Investment and Operating Income and Expense (MRF 310.3) in the reporting period in which the changes occur.
Deferred tax assets
4.1. Carried forward unused tax losses
Report all future income tax benefits arising out of tax losses in accordance with AASB 112 Income Taxes (AASB 112).
4.2. Other
Report all deferred tax assets other than that disclosed above.
4.3. Total tax assets
Is the sum of all tax assets.
Other Assets
5.1. Prepayments
Reflects payment for services not fully delivered (e.g. payments for subscriptions, rental, and interest expense).
5.2. Derivative financial instruments
Part Current assets are to be interpreted in - Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2007 - MRS 300.0 - Statement of Financial Position - Current assets are to be interpreted in accordance with the meaning provided in AASB 101 Presentation of Financial Statements (AASB 101). | Zoe