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Financial Sector (Collection of Data) (reporting standard) determination No. 88 of 2023
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Financial Sector (Collection of Data) (reporting standard) determination No. 88 of 2023
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 88 of 2023.
Reporting Standard GRS 400.0
Statement of Risk by Country
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.
Each accounting item reported aligns with the Accounting Standards made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item.
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.
Country / region list
The appropriate information is to be reported by country / region of risk, as specified in the Reporting Standard. This is reported according to where the items of income / expense are on risk, assets are invested, and liabilities are located. Countries / regions of risk are:
Australia
New Zealand
USA
UK
Japan
South East Asia (excluding Japan)
Continental Europe
Other
Specific instructions
This Reporting Standard only needs to be completed where the reporting insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia).
Report information for each reporting period on a Level 1 (licensed insurer) basis.
Direct business is any insurance business written or insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written or reinsurance contracts issued by the reporting insurer.
Report values 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.
Table 1: Statement of Risk by Country
| Column 1 | Report the amount for inside Australia. |
|---|---|
| Column 2 | Report the amount for New Zealand. |
| Column 3 | Report the amount for the USA. |
| Column 4 | Report the amount for the UK. |
| Column 5 | Report the amount for Japan. |
| Column 6 | Report the amount for South East Asia (excluding Japan). |
| Column 7 | Report the amount for Continental Europe. |
| Column 8 | Report the amount for all other countries. |
| Column 9 | Report the total amount.Column 9 is calculated as the sum of column 1 to column 8.Totals in this column should align with the corresponding totals in Reporting Standard GRS 310.0 Statement of Profit and Loss and Other Comprehensive Income (GRS 310.0) and Reporting Standard GRS 300.0 Statement of Financial Position (GRS 300.0). |
The following items relate to GRS 310.0.
| Item 1 | Item 1, insurance revenue, is a derived item and is calculated as the sum of items 1.1 and 1.2.Report this item in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80(a), and AASB 17.83.This item aligns with item 1 of GRS 310.0. |
|---|---|
| Item 1.1 | Report insurance revenue from direct business.This item aligns with item 1.1 of GRS 310.0. |
| Item 1.2 | Report insurance revenue from inwards reinsurance.This item aligns with item 1.2 of GRS 310.0. |
| Item 2 | Item 2, insurance service expense, is a derived item and is 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.This item aligns with item 2 of GRS 310.0. |
|---|---|
| Item 2.1 | Report insurance service expense from direct business.This item aligns with item 2.1 of GRS 310.0. |
| Item 2.2 | Report insurance service expense from inwards reinsurance.This item aligns with item 2.2 of GRS 310.0. |
| 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.This item aligns with item 3 of GRS 310.0. |
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| Item 4 | Report the allocation of reinsurance premiums.It is requested that the entity present this item separately from amounts recoverable from reinsurers for incurred claims reported at item 5.This item is based on AASB 17.86.This item aligns with item 4 of GRS 310.0. |
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| Item 5 | Report the 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.This item aligns with item 5 of GRS 310.0. |
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| Item 6 | Item 6, net expense from reinsurance contracts held, is a derived item and is calculated as the sum of items 4 and 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.This item aligns with item 6 of GRS 310.0. |
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| Item 7 | Item 7, insurance service result, is a derived item and is calculated as the sum of items 3 and 6.Report this item in accordance with AASB 17.80 (a).This item aligns with item 7 of GRS 310.0. |
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| Item 8 | Report total investment result.Refer to item 16 of GRS 310.0. |
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The following items relate to GRS 300.0.
| Item 9 | Item 9, insurance contract assets, is a derived item calculated as the sum of item 9.1 and 9.2.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (a), AASB 17.100 Disclosure and AASB 101.54 (da).This item aligns with item 7 of GRS 300.0. |
|---|---|
| Item 9.1 | Report assets for incurred claims (being the asset equivalent of the liabilities for incurred claims) that are presented as insurance contract assets.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (c) Disclosure, and AASB 101.54 (da) Disclosure.This item aligns with item 7.1 of GRS 300.0. |
| Item 9.2 | Report assets for remaining coverage (being the asset equivalent of the liabilities for remaining coverage) that are presented as insurance contract assets.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (a)-(b) Disclosure, and AASB 101.54 (da) Disclosure.This item aligns with item 7.2 of GRS 300.0. |
| Item 10 | Item 10, reinsurance contract assets, is a derived item and is calculated as the sum of item 10.1 and item 10.2.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (c), AASB 17.100 Disclosure and AASB 101.54 (da).This item aligns with item 8 of GRS 300.0. |
|---|---|
| Item 10.1 | Report assets for incurred claims that are presented as reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (c) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (da) Disclosure.This item aligns with item 8.1 of GRS 300.0. |
| Item 10.2 | Report assets for remaining coverage that are presented as reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (c) Disclosure, AASB 17.100 (a)-(b) Disclosure, and AASB 101.54 (da) Disclosure.This item aligns with item 8.2 of GRS 300.0. |
| Item 11 | Report other financial assets.Report this item in accordance with AASB 132.11 and AASB 101.54 (d) Disclosure.This item aligns with item 5.1 of GRS 300.0. |
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| Item 12 | Report other non-financial assets.Report this item in accordance with AASB 101.55 Common practice.This item aligns with item 5.2 of GRS 300.0. |
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| Item 13 | Report all other assets. |
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| Item 14 | Item 14, total assets, is a derived item and is calculated as the sum of: item 9; item 10; item 11; item 12; and item 13.Report this item in accordance with AASB 101.55 Disclosure.Refer to item 15 of GRS 300.0. |
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| Item 15 | Item 15, insurance contract liabilities, is a derived item and is calculated as the sum of item 15.1 and item 15.2.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (b), AASB 17.100 and AASB 101.54 (ma).This item aligns with item 18 of GRS 300.0. |
|---|---|
| Item 15.1 | Report liabilities for incurred claims that are presented as insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (c) Disclosure, and AASB 101.54 (ma) DisclosureThis item aligns with item 18.1 of GRS 300.0. |
| Item 15.2 | Report liabilities for remaining coverage that are presented as insurance contract liabilities.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100(a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.This item aligns with item 18.2 of GRS 300.0. |
| Item 16 | Item 16, reinsurance contract liabilities, is a derived item and is calculated as the sum of item 16.1 and item 16.2.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (d) and AASB 101.54 (ma).This item aligns with item 19 of GRS 300.0. |
|---|---|
| Item 16.1 | Report liabilities for incurred claims (being the liability equivalent of the assets for incurred claims) that are presented as reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (c) Disclosure, and AASB 101.54 (ma) Disclosure.This item aligns with item 19.1 of GRS 300.0. |
| Item 16.2 | Report liabilities for remaining coverage (being the liability equivalent of assets for remaining coverage) that are presented as reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.This item aligns with item 19.2 of GRS 300.0. |
| Item 17 | Report investment contract liabilities.Report this item in accordance with AASB 101.54 (m).This item aligns with item 17 of GRS 300.0. |
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| Item 18 | Report other financial liabilities.Report this item in accordance with AASB 132.11 and AASB 101.54 (m) Disclosure.This item aligns with item 21.1 of GRS 300.0. |
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| Item 19 | Report other non-financial liabilities.This item aligns with item 21.2 of GRS 300.0. |
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| Item 20 | Report all other liabilities. |
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| Item 21 | Item 21, total liabilities, is a derived item and is calculated as the sum of: item 15; item 16; and items 17 to 20 inclusive.Report this item in accordance with AASB 101.55 Disclosure.This item aligns with item 26 of GRS 300.0. |
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