Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2009 - LRS 300.0 - Statement of Financial Position
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Liabilities
- Borrowings:
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.
- Total creditors
Show the total of creditors, including account payables. Do not include overdrafts here, these should be disclosed as Borrowings.
- Provisions:
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 assumed directly
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.
- Gross policy liabilities assumed under reinsurance
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.
- Policy owner retained profits
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.