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Financial Sector (Collection of Data) (reporting standard) determination No. 23 of 2007 - LRS 300.0 - Statement of Financial Position
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 23 of 2007 - LRS 300.0 - Statement of Financial Position.
Include the outstanding balances of borrowings from financial institutions and other borrowings.
13.1 Direct - secured
Include borrowings that are secured by a charge over assets.
13.2 Direct - unsecured
Include borrowings that are not secured by a charge over assets.
13.3 Direct - seed capital
Seed Capital must be reported separately from borrowings. This reporting item only applies to Friendly Societies.
13.5. Look-through adjustment for borrowings drawn indirectly via unit trusts
Include look-through adjustment for Borrowings drawn indirectly via Listed Unit Trusts, Unlisted Unit Trusts or Controlled Unit Trusts. This is in effect adjusting for recognition of ‘geared’ positions in unit trusts.
13.7 Hedging adjustments to or from borrowings
The hedging adjustment item is intended to translate the aggregate Borrowings balance to the effective post-derivatives position.
Show the total of creditors, including account payables. Do not include overdrafts here, these should be disclosed as Borrowings.
15.1 Current tax liabilities
Includes items of income tax described as inter-company tax liability by virtue of life company being part of a tax consolidation group.
15.3 Other provisions
Include the amount of other provisions, for example, employee entitlements, etc.
Gross policy liabilities are to be valued in accordance with Prudential Standard LPS 1.04 Valuation of Policy Liabilities (LPS 1.04).
Include liabilities for deferred fee revenue and deferred acquisition costs, and non-life policy liabilities.
For participating benefits, include bonuses in respect of the current year.
As for reporting item 16 Gross Policy Liabilities, except that it pertains to inwards reinsurance business.
A life company whose principal business is reinsurance is expected to enter their Policy Liabilities at this item.
Value of statutory fund profits allocated to participating policy owners generally, but not yet vested as specific amounts to particular policies.
AASB1038 Life Insurance Contracts prevents the recognition of negative policy owner retained profits.
Negative policy owner retained profits should be disclosed in LRF 340.1 Retained Profits (SF and SF Eliminations).
20.1 Eligible amounts
The eligible amount is the quantum of the approved subordinated debt (as determined in accordance with the approval letter received from APRA) that can be used in meeting the solvency/capital adequacy requirements of the statutory fund.
20.2 Non-eligible amounts
The non-eligible amount is the current total value of the subordinated debt which has been issued under an ‘Instrument of Issue’ approved by APRA in accordance with Circular E.1 minus the eligible amount above (reporting item 20.1).
20.3 Total approved subordinated debt [derived item]
Total approved subordinated debt is the current total value of the subordinated debt which has been issued under an ‘Instrument of Issue’ approved by APRA in accordance with Circular E.1.
21.1 Other liabilities
Record all other liabilities that are not specifically categorised above, including unreconciled suspense and clearing accounts with credit balances.
21.2 Hedging adjustments to or from other liabilities
The hedging adjustment item is intended to translate the aggregate Other liabilities balance to the effective post-derivatives position.
Total Assets (item 12) less Total Liabilities (item 22).