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)
14.0Provisions
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14.0 Provisions
14.1 Dividends
A provision for dividends is the allowance that the reporting entity has made in terms of the obligation for declared dividends. Dividends are to be recognised in accordance with Australian accounting standards. Consistent with the treatment under Australian accounting standards, expected dividends are not to be included in this line item. However, expected dividends must be reported in item 1.4.12 ‘Expected dividends’ of GRF 120.0_G in order to be deducted from the Level 2 insurance group’s capital base.
14.2 Employee entitlements
This includes provisions for long service leave, annual leave, staff housing loan benefits, health fund subsidy and other employee entitlements. The value of employee entitlements should be recognised and measured in accordance with the requirements of Australian accounting standards.