Financial Sector (Collection of Data) (reporting standard) determination No. 89 of 2006 - Reporting Standard GRS 430.0 (2007) Claims Expense by State and Territory of Australia
Basis of preparationBasis of preparation
Start here
Get a plain-English read of Basis of preparation
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 89 of 2006 - Reporting Standard GRS 430.0 (2007) Claims Expense by State and Territory of Australia.
Basis of preparation
Insurers are requested to follow the recognition and measurement basis required by the APRA forms for the reporting of claims expense in this form. Specifically, claims expense is to be recognised as per the instructions to GRF 310.2 Claims Expense and Reinsurance Recoveries.
Where the insurers operations are wholly within Australia, total claims expense per this form should agree to the aggregate of claims expense disclosed in GRF 310.2 Claims Expense and Reinsurance Recoveries.
Do not follow the recognition and measurement requirements for claims expense 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.