Reporting Standard GRS 310.0
Statement of profit or loss and other comprehensive income
General instructions
These instructions assist completion of Reporting Standard GRS 310.0 Statement of profit or loss and other comprehensive income, which collects information relating to the licensed insurer’s profit or loss and other comprehensive income.
Reporting tables
Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.
General accounting basis
Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.
References to Australian Accounting Standards
Each item reported under this Reporting Standard aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item. AASB reference provides a written description of the accounting meaning of an IFRS Taxonomy element.
IFRS taxonomy element reference
Each IFRS taxonomy element contains at least one cross-reference to an AASB Standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board (IASB)) and has a reference type that can be used to identify the source of that element. The IFRS Taxonomy uses the following element reference types:
(a) disclosure—an element of this type depicts a presentation or disclosure requirement of an IFRS/AASB Standard;
(b) example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and
(c) common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.
Definitions
Terms that are highlighted in bold italics are defined in these instructions.
Specific instructions
Reporting basis
Information in this Reporting Standard is to be completed by general insurers for each reporting period on a Level 1 (licensed insurer) basis.
Please disclose non-distinct investment components in Reporting Standard GRS 320.0 Liability Roll Forwards at:
- Part A: Liability Roll Forward 1, item 12: Investment components and premium refunds, item 18: Claims and other expenses paid, including investment components; and
- Part B: Liability Roll Forward 1, item 9: Investment components and premium refunds
as applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).
Direct business is any insurance business written / insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.
Units of measurement
Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.
Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
Report losses and expenses as negative values.
Columns for Licensed insurer
| Column 1 | Report the total amount. |
|---|
- Insurance revenue
| Item 1 | Item 1 total insurance revenue is a derived item and is calculated as the sum of item 1.1 and item 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83. |
|---|
| Item 1.1 | Item 1.1 insurance revenue direct business is a derived item and is calculated as the sum of items 1.1.1 to 1.1.3 inclusive. |
| Item 1.1.1 | Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach. |
| Item 1.1.2 | Report insurance revenue from direct business for contracts that existed at the transition date to which the entity has applied the fair value approach. |
| Item 1.1.3 | Report insurance revenue from direct business for all other contracts. |
| Item 1.2 | Item 1.2 insurance revenue from inwards reinsurance business is a derived item and is calculated as the sum of items 1.2.1 to 1.2.3 inclusive. |
| Item 1.2.1 | Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the modified retrospective approach. |
| Item 1.2.2 | Report insurance revenue from inwards reinsurance business for contracts that existed at the transition date to which the entity has applied the fair value approach. |
| Item 1.2.3 | Report insurance revenue from inwards reinsurance business for all other contracts. |
- Insurance service expense
| Item 2 | Item 2 total insurance service expense is a derived item calculated as the sum of items 2.1 and 2.2.Report this item in accordance with AASB 101.82 (ab) Disclosure, AASB 17.80 (a) and AASB 17.84. |
|---|
| Item 2.1 | Item 2.1 insurance service expense from direct business is a derived item and is calculated as the sum of items 2.1.1 to 2.1.6 inclusive. |
| Item 2.1.1 | Report incurred claims from direct business. |
| Item 2.1.2 | Report other insurance service expenses from direct business.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item. |
| Item 2.1.3 | Report amortisation of insurance acquisition cash flows from direct business. |
| Item 2.1.4 | Report losses and reversal of losses on onerous contracts from direct business.Report this item in accordance with AASB 17.47-52. |
| Item 2.1.5 | Report changes that relate to past service: changes to liabilities for incurred claims from direct business.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure. |
| Item 2.1.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |
| Item 2.2 | Item 2.2 insurance service expenses from inwards reinsurance is a derived item and is calculated as the sum of items 2.2.1 to 2.2.6 inclusive. |
| Item 2.2.1 | Report incurred claims from inwards reinsurance. |
| Item 2.2.2 | Report other insurance service expenses from inwards reinsurance.Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item. |
| Item 2.2.3 | Report amortisation of insurance acquisition cash flows from inwards reinsurance. |
| Item 2.2.4 | Report losses and reversal of losses on onerous contracts from inwards reinsurance.Report this item in accordance with AASB 17.47-52. |
| Item 2.2.5 | Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.Report this item in accordance with AASB 17.103 (b) (iii) Disclosure. |
| Item 2.2.6 | Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense. |
- Insurance service result before reinsurance contracts held
| Item 3 | Item 3, insurance service result before reinsurance contracts held, is a derived item and is calculated as the sum of item 1 and item 2.Report this item in accordance with AASB 17 Appendix A. |
|---|
- Allocation of reinsurance premiums
| Item 4 | Report allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.Report this item in accordance with AASB 17.86. |
|---|
- Amounts recoverable from reinsurers
| Item 5 | Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.Report this item in accordance with AASB 17.86.The amount reported at this item should reconcile to item 8. ‘Amounts recoverable from reinsurers’ reported in Reporting Standard GRS 320.0 Liability Roll Forwards Part B: Reinsurance contracts held (outwards reinsurance by cedant/retrocedent) Liability Roll Forward 1 – Reconciliation of the remaining coverage and incurred claims (GRS 320.0 Part B RF1). |
|---|
- Net expense from reinsurance contracts held
| Item 6 | Item 6 is a derived item and is calculated as the sum of item 4 and item 5. This item can be a net income or net expense.Report this item in accordance with AASB 17 Appendix A, AASB 101.82 (ac), AASB 17.82 and AASB 17.86. |
|---|
- Insurance service result
| Item 7 | Item 7, insurance service result, is a derived item and is calculated as the sum of item 3 and item 6.Report this item in accordance with AASB 17.80 (a). |
|---|
- Interest revenue calculated using the effective interest method
| Item 8 | Report interest revenue calculated using the effective interest method.Report this item in accordance with AASB 101.82 (a) (i) and AASB 9 Appendix A. |
|---|
- Other interest and similar income
| Item 9 | Report other interest and similar income include income that is not reported at item 8 and items 10 to 16. |
|---|
- Net gains/losses on financial assets at fair value through profit or loss
| Item 10 | Report net gains/losses on financial assets at fair value through profit or loss.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (i). |
|---|
- Net gains/losses on derecognition of financial assets measured at fair value through other comprehensive income
| Item 11 | Report net gains or losses on derecognition of financial assets measured at fair value through other comprehensive income.Report this item in accordance with AASB 132.11 and AASB 7.20 (a) (viii). |
|---|
- Net gains/(losses) on derecognition of financial assets measured at amortised cost
| Item 12 | Report net gains/(losses) on derecognition of financial assets measured at amortised cost.Report this item in accordance with AASB 132.11 and AASB 101.82 (aa). |
|---|
- Impairment loss on financial assets
| Item 13 | Report impairment loss on financial assets.Report this item in accordance with AASB 9 Appendix A, AASB 132.11 and AASB 101.82 (ba). |
|---|
- Net gains from fair value adjustments to investment properties
| Item 14 | Report net gains from fair value adjustments to investment properties.Report this item in accordance with AASB 140.5 and AASB 140.76 (d). |
|---|
- Net foreign exchange income / expense
| Item 15 | Report net foreign exchange income or expense.Report this item in accordance with AASB 121.52 (a) Common practice. |
|---|
- Total investment result
| Item 16 | Item 16 total investment result is a derived item and is calculated as the sum of items 8 to 15 inclusive. |
|---|
- Insurance finance expenses for insurance contracts issued
| Item 17 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.87 and AASB 17 Appendix A. |
|---|
- Reinsurance finance income for reinsurance contracts held
| Item 18 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82 and AASB 17 Appendix A.Report the “Effect of changes in non-performance risk of reinsurers" as reported in GRS 320.0 Part B RF1 item 14 at this item. |
|---|
- Net insurance financial result through profit or loss
| Item 19 | Item 19 is a derived item and is calculated as the sum of item 17 and item 18. This item can be a net income or net expense. |
|---|
- Asset management services revenue
| Item 20 | Report asset management services revenue. This includes revenue from investment management services accounted for in accordance with AASB 15.Report this item in accordance with AASB 15.113 (a) Disclosure and AASB 15.114 Disclosure. |
|---|
- Share of profit/loss of associates and joint ventures accounted for using the equity method
| Item 21 | Report the share of profit or loss of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82 (c) and AASB 128.3. |
|---|
- Profit/loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations
| Item 22 | Report the profit or loss from non-current assets and disposal groups classified as held for sale and not qualifying as discontinued operations. |
|---|
- Impairment loss for goodwill
| Item 23 | Report impairment loss for goodwill.Report this item in accordance with AASB 138.8, AASB 3 Appendix A and AASB 3.B67 (d). |
|---|
- Other income
| Item 24 | Report other income that is not reported elsewhere in the Reporting Standard; including income from contracts outside the scope of AASB 17 (including AASB 15 Revenue from Contracts with Customers) under this item. Revenue from investment management services is to be reported at item 21. |
|---|
- Other finance costs
| Item 25 | Report other finance costs.Report this item in accordance with AASB 101.82 (b) and includes the interest expense on lease liabilities (based on AASB 16.49 and AASB 16.53 (b)). |
|---|
- Other expenses
| Item 26 | Report other expenses. Additionally, include expenses from contracts outside the scope of AASB 17 under this item. |
|---|
- Profit/loss from continuing operations before tax
| Item 27 | Item 27 is a derived item and is calculated as the sum of items 7, 16, and items 19 to 26 inclusive.Report this item in accordance with AASB 101.81A (a) Disclosure. |
|---|
- Income tax expense from continuing operations
| Item 28 | Report income tax expense from continuing operations.Report this item in accordance with AASB 101.82 (d) and AASB 112.77. |
|---|
- Profit/loss for the year from continuing operations after income tax
| Item 29 | Item 29 profit/loss for the year from continuing operations after income tax is a derived item and is calculated as the sum of item 27 and item 28.Report this item in accordance with AASB 101.81A. |
|---|
- Profit/loss from discontinued operations after income tax
| Item 30 | Report profit or loss from discontinued operations after income tax.Report this item in accordance with AASB 101.82 (ea). |
|---|
- Profit (loss) after income tax attributable to members of the company
| Item 31 | Item 31 profit (loss) after income tax attributable to members of the company is a derived item and is calculated as the sum of item 29 and item 30.Report this item in accordance with AASB 101.81B (a) (ii). |
|---|
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Report this item in accordance with AASB 101.82A (a) (ii).
- Change in fair value of financial assets at fair value through other comprehensive income
| Item 32 | Report change in fair value of financial assets at fair value through other comprehensive income.Report this item in accordance with AASB 13 Appendix A, AASB 132.11 and AASB 7.20 (a) (viii). |
|---|
- Amount reclassified to profit or loss
| Item 33 | Report amount reclassified to profit or loss.Report this item in accordance with AASB 7.20 (a) (viii). |
|---|
- Insurance finance expenses for insurance contracts issued
| Item 34 | Report insurance finance expenses for insurance contracts issued. This item can be a net income or net expense.Report this item in accordance with AASB 17.90 and AASB 17 Appendix A. |
|---|
- Reinsurance finance income for reinsurance contracts held
| Item 35 | Report reinsurance finance income for reinsurance contracts held. This item can be a net income or net expense.Report this item in accordance with AASB 17.82, AASB 17.90 and AASB 17 Appendix A. |
|---|
- Net insurance financial result through other comprehensive income
| Item 36 | Item 36 is a derived item and is calculated as the sum of item 34 and item 35. This item can be a net income or net expense. |
|---|
- Share of other comprehensive income of associates and joint ventures accounted for using the equity method
| Item 37 | Report the share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (ii). |
|---|
- Income tax relating to items that will be reclassified
| Item 38 | Report income tax relating to items that will be reclassified.Report this item in accordance with AASB 101.91. |
|---|
Items that will not be reclassified to profit or loss
Report this item in accordance with AASB 101.82A (a) (i).
- Revaluation of land and buildings
| Item 39 | Report revaluation of land and buildings.Report this item in accordance with AASB 116.39. |
|---|
- Share of other comprehensive income of associates and joint ventures accounted for using the equity method
| Item 40 | Report share of other comprehensive income of associates and joint ventures accounted for using the equity method.Report this item in accordance with AASB 101.82A (b) (i) and AASB 128.3. |
|---|
- Remeasurements of post-employment benefit obligations, before tax
| Item 41 | Report remeasurements of post-employment benefit obligations, before tax.Report this item in accordance with AASB 119.120 (c). |
|---|
- Income tax relating to items that will not be reclassified
| Item 42 | Report income tax relating to items that will not be reclassified.Report this item in accordance with AASB 101.91. |
|---|
- Total other comprehensive income
| Item 43 | Item 43 total other comprehensive income is a derived item and is calculated as the sum of item 32, 33, and items 36 to 42 inclusive.Report this item in accordance with AASB 101.81A (b). |
|---|
- Total comprehensive income
| Item 44 | Item 44 total comprehensive income is a derived item and is calculated as the sum of item 31 and item 43.Report this item in accordance with AASB 101.81A (c). |
|---|