Financial Sector (Collection of Data) (reporting standard) determination No. 23 of 2007 - LRS 300.0 - Statement of Financial Position
Components of Net AssetsComponents of Net Assets
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Components of Net Assets
- Foreign currency translations
This reporting item applies only to the shareholders’ fund. The Life Insurance Act 1995 does not provide for appropriations to reserves in the statutory funds. All operating profit (loss) of a statutory fund must be allocated to retained profits in accordance with sections 59 and 60 of the Life Insurance Act 1995.
- Reserves:
25.1 Unallocated Benefit Fund reserves
Value of benefit funds which has not been allocated to either the benefit fund members or to the management fund. This item is only expected to be applicable to friendly societies.
25.2 Other reserves
Include all other reserves not specifically categorised above.
26 Share Capital
Includes all share capital, e.g. ordinary shares, preference shares etc recognised as capital for the purposes of Prudential Standards No 3 (PS 3).
27 Shareholders’ Retained Profits
This represents the sum of Shareholders’ Retained Profits (or accumulated losses) at beginning of the period and the Profit (or Loss) after Income Tax attributable to Shareholders for the reporting period, after any transfers to or from reserves.
28 Total Components = Life Insurance Act Net Assets [derived item]
This represents the sum of component items making up Net Assets, and must equal the derived item for Net Assets shown at Item 23.