Regulatory and IFRS reporting by Australian insurers

  • Australia Image

07 Jan 2006

The Australian Prudential Regulation Authority (APRA) has amended its regulatory reporting requirements for life insurance companies to reflect the adoption of IFRSs in Australia.

The changes align regulatory reporting with IFRS reporting where appropriate. At the same time, the new requirements ensure that APRA continues to receive consistent and standardisd information to monitor prudential strength following the introduction of IFRSs. The new rules took effect from 31 December 2005. APRA has granted a six-week extension for filing the first reports under the new regime. Click for (PDF 67k). In an earlier news story Dated 1 December 2005, we outlined other APRA proposals relating to the adoption of IFRSs in Australia by deposit-taking institutions and general insurers. Those proposals address such issues as fair value measurement, employer sponsored defined benefit superannuation fund surpluses and deficits, and loan loss provisioning. Comments on that package are due by 16 January 2006. Link to APRA's Website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.