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APRA publishes AASB17 update to the insurance frequently asked questions

The Australian Prudential Regulation Authority (APRA) has published new entries to frequently asked questions (FAQ) on the Australian Accounting Standards Board 17 (AASB17) collections.

The FAQs highlight the data requirements and common data issues in specific Reporting Standards that all insurers should note before the next reporting cycle on 27 February 2024.

The new FAQs for all insurers are: Q23.5, Q23.6, Q23.7, Q23.8, Q23.9, Q23.10, Q23.11, Q23.12, Q23.13, Q23.14, Q23.15, Q23.16, Q23.17, Q23.18, Q23.19, Q23.20, Q23.21.

The AASB17 FAQs are available on the APRA website at: Frequently Asked Questions – Insurance

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.