Basis of preparationBasis of preparation

Basis of preparation

Insurers are requested to follow the recognition and measurement basis required by the APRA forms for the reporting of premium revenue in this form. Specifically, premium revenue is to be recognised as per the instructions to GRF 310.1 Premium Revenue and Reinsurance Expense.

Where the insurers operations are wholly within Australia, total premium revenue per this form should agree to the aggregate of premium revenue disclosed in GRF 310.1 Premium Revenue and Reinsurance Expense.

Do not follow the recognition and measurement requirements for premium revenue contained in AASB 1023 ‘General Insurance Contracts’.

Reporting period

Insurers are required to report the information in the reporting form on an annual basis.

• The annual information is to be completed in respect of the financial year of the insurer.
• The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.