Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2011 - GRS 300.0_G (2011) - Statement of Financial Position (Level 2 Insurance Group)
10.0Amounts due on reinsurance contracts
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10.0 Amounts due on reinsurance contracts
Include the net amount payable by the Level 2 insurance group to reinsurers or retrocessionaires where a legal right of set-off exists. This reflects the current working balance due for settlement. Include premiums payable but not yet due for payment under the terms of the reinsurance contracts and deposits withheld from reinsurers. Include items such as the reinsurer’s portion of recoveries and salvage and commissions due to reinsurers.
10.1 Amounts due on reinsurance contracts which are payable to related parties
Include the total of amounts due on reinsurance contracts that are payable to related parties of the Level 2 insurance group.
11.0 Current tax liability
This is recognised and measured in accordance with Australian accounting standards.