Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2007 - MRS 300.0 - Statement of Financial Position
Non current assets are to be interpretedNon current assets are to be interpreted in accordance with the meaning provided in AASB 101.
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Non current assets are to be interpreted in accordance with the meaning provided in AASB 101.
Receivables
7.1 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.
7.1.1. Provision for doubtful debts
Report the value of recoveries other than reinsurance receivable where collection is assessed as doubtful.
7.1.2. Net recoveries other than reinsurance receivable
Is the value of recoveries other than reinsurance receivable, net of any associated provision for doubtful debts.
7.1.2.1 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 7.1.2, 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.
7.1.2.2 Total net recoveries receivable from related parties
Of the total value reported in item 7.1.2, report the value that is due from related parties.
7.1.3 - 7.1.7 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.
7.2. 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.
7.2.1 – 7.2.13 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).
7.2.14. 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.
7.2.15 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 7.2.13, report the value of reinsurance recoveries that relates to claims that are recognised in the value reported for the OCL reported as a non current liability in this form. Exclude reinsurance recoveries that relate to claims that have been paid.
7.3. Other reinsurance assets
Report any other asset which relates to reinsurance, including deposits retained by reinsurers.
7.3.1.1. Total other reinsurance assets receivable from related parties
Report the amount of other reinsurance recoverables receivable due from related parties.
7.3.2 - 7.3.5 Total other reinsurance assets receivable from reinsurers with a counterparty
The total other reinsurance receivables reported in 7.3.1 are to be reported according to the counterparty grade of the reinsurers. The grades are detailed in Attachment 1.
7.4 Other receivables
Report any other receivables not reported above. Also report by counterparty/asset grade. The grades are detailed in Attachment 1.
7.5. 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 non current assets only. The current value of these investments are to be reported separately as current assets in this form.
MRF 140.0
MRF 140.1
MRF 140.2
MRF 140.3
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 8. The non current value of derivative instruments are to be separately reported in item number 22.1 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 in the reporting period in which the changes occur.
Other investments
Report all other investments that relate to strategic investments/acquisitions of the MDO in accordance with the categories detailed on the form.
In addition, total other assets should also be reported in accordance with the following categories.
9.6.1. Listed equity instruments or units in listed trusts
Of the aggregate value of other investments, report the component that constitutes holdings of, or investments in, listed equity instruments or units in listed trusts.
9.6.2. Unlisted equity instruments or units in unlisted trusts
Of the aggregate value of other investments, report the component that constitutes holdings of, or investments in, unlisted equity instruments or units in unlisted trusts.
9.6.3. Other
Of the aggregate value of other investments, report the component that constitutes investments other than holdings of listed or unlisted equity instruments or units or debt securities.
9.6.4. Total other investments, which are a general insurance entity/business
Report the value of other investments which are investments in a general insurance entity.
Plant and equipment
The reporting of all fixed asset items should be in accordance with applicable Australian Accounting Standards. Do not include property acquired or held available for sale. These assets are to be disclosed as ‘investments’ in this form and reported individually in MRF 140.2.
10.1. Plant and equipment
This includes motor vehicles, office furniture and equipment, including computer equipment and software. Do not include holdings of land and buildings, even if these are for the use and occupation of the MDO.
10.2. Accumulated depreciation/amortisation
Report total depreciation and amortisation for plant and equipment here.
10.3. Total plant and equipment net of depreciation/amortisation
Deduct Accumulated depreciation/amortisation from the gross values for plant and equipment.
Intangible assets
Classification of assets as intangible assets must be in accordance with AASB 138 Intangible Assets (AASB 138).
11.1. Goodwill
Do not include goodwill associated with the acquisition of controlled entities here. Record the value of goodwill associated with the acquisition of assets, other than a controlled entity/subsidiary. This value should be recognised and measured in accordance with AASB 3 Business Combinations (AASB 3), AASB 138 and AASB 127.
AASB 3 provides that goodwill represents the future benefits from unidentifiable assets. Only goodwill which is purchased by the entity can be recognised, internally generated goodwill by the entity must not be recognised. Purchased goodwill must be measured as the excess of the cost of acquisition incurred by the MDO over the fair value of the identifiable net assets acquired.
11.2. Accumulated Impairment
Include the total amount of impairment of goodwill over the period from the date of acquisition to the end of the reporting period.
11.3. Identifiable intangible assets
Record the value of identifiable intangible assets other than goodwill reported in 11.1 or 11.2.
11.4. Accumulated amortisation/impairment
Include the total amount of amortisation/impairment of identifiable intangible assets over the period from the date of acquisition to the end of the reporting period.
11.5. Intangible assets after amortisation/impairment
The sum of all intangible assets items above.
Deferred tax assets
12.1. Attributable to carried forward tax losses
Report all deferred tax assets benefits arising out of tax losses in accordance with AASB 112.
12.2. Other
Report all deferred tax assets other than that disclosed above.
12.3. Total deferred tax assets
Is the sum of all deferred tax assets.
13. Other Assets
13.1. Derivative financial instruments
Part Non current assets are to be interpreted - Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2007 - MRS 300.0 - Statement of Financial Position - Non current assets are to be interpreted in accordance with the meaning provided in AASB 101. | Zoe