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Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2009 - GRS 302.0_G (2009) - Statement of Financial Position by Region
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2009 - GRS 302.0_G (2009) - Statement of Financial Position by Region.
The value of inter-region transactions, which are eliminated on consolidation, need to be reported as negative values under ‘Inter-region elimination’. Amounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.
Once business segments are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting segments where necessary, provided APRA is notified of any change.