Basis of preparationBasis of preparation

Basis of preparation

In completing this form, unless specifically stated otherwise, institutions are to follow the basis that is used for the preparation of the annual financial statements in accordance with the Australian accounting standards, specifically in regard to the:

• interpretation/definition of specific revenue and expense items; and
• appropriate measurement basis for revenue and expense items.

All assets of a statutory fund are to be measured at Fair Value, with movements in Fair Values recognised in Profit or Loss and reported as revenue or expense in this form.

Actuarial valuations and calculations included in, or used in the preparation of, the form must be in accordance with prudential standards.

If additional clarification is required for specific items in this form, reference should be made to the section ‘Instructions for specific items’, which is provided as a guide.

For the purposes of reporting under this form, contracts are to be classified in accordance with Prudential Standard LPS 350 Contract Classification for the Purpose of Regulatory Reporting to APRA.