Notes to the Financial Statements
The effects of adopting AASB 17 on the retained earnings as at 1 July 2022 are $83.6 million. A breakdown of the impact on transition is reflected in the Balance Sheet reported below:
Derecogni- tion
Reclassifica- tion
AASB 17 recognition AASB 17
AASB 1038
1 July 2022
$'000
$'000
$'000
$'000
$'000
Assets
Assets
Cash and cash equivalents
150,735
— — — — —
— —
— 150,735 Cash and cash equivalents
Investments Receivables 1
2,289,624
— 2,289,624 Investments
35,003
(7,701)
— —
27,302 Receivables
Fixed interest deposits
2,897
—
2,897 Fixed interest deposits 124,674 Insurance contract assets
—
— 124,674
Reinsurers’ share of life insurance policy liabilities 4
26,367
(26,367)
(28,977)
138,157 35,851
109,180 Reinsurance contract assets
Deferred tax asset 5
11,915
— — — — — —
— — — — — —
47,766 Deferred tax asset
468
— — — — —
468 Property, plant and equipment 10,456 Right-of-use assets 13,734 Investment in associate
Property, plant and equipment
Right-of-use assets
10,456 13,734 12,511 17,368
Investment in associate
Goodwill
12,511 Goodwill
Intangible assets
17,368 Intangible assets
Total assets
2,806,715 Total assets
2,571,078
(26,367)
(36,678)
298,682
Liabilities Payables 2
Liabilities
50,297
— (29,174)
— — — —
21,123 Payables
Current tax liabilities
1,425 6,321 11,160
— — —
—
1,425 Current tax liabilities
Provisions 3
(202)
6,119 Provisions
Lease liabilities
—
11,160 Lease liabilities
Life insurance policy liabilities 4
(10,676)
10,676
(7,302)
327,214 18,078
319,912 Insurance contract liabilities 18,078 Reinsurance contract liabilities
—
—
—
Life investment contract liabilities
1,295,378
—
—
— 1,295,378 Life investment contract liabilities
Liability to non-controlling interest in controlled unit trusts
Liability to non-controlling interest in controlled unit trusts
645,612
— — — —
— —
— 645,612
Deferred tax liabilities
606
—
606 Deferred tax liabilities
Borrowings
16,000 73,857
— —
16,000 Borrowings
Subordinated debt Total liabilities
—
73,857 Subordinated debt
2,409,270 Total liabilities
2,089,980
10,676
(36,678)
345,292
397,445 Net assets
Net assets
481,098
(37,043)
— (46,610)
Equity
Equity
Issued capital
466,655
—
—
— 466,655 Issued capital
Retained earnings
7,881 6,562
(37,043)
— (46,610)
(75,772) Retained losses
—
—
—
6,562 Share based payments reserve
Share based payments reserve
Total equity
397,445 Total equity
481,098
(37,043)
— (46,610)
1 The reclassification of receivables relate to premium receivable balances, now a part of insurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 2 The reclassification of payables relate to reinsurance premium payable balances and commission payable balances, now a part of (re)insurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 3 The reclassification of provisions relate to provision for reinsurance recoveries, now a part of reinsurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 4 Reinsurers’ share of life insurance policy liabilities and life insurance policy liabilities are derecognised and replaced by reinsurance and
insurance contract assets and liabilities, remeasured in accordance with AASB 17 requirements. 5 The recognition of deferred tax assets relates to the tax impact of restatement of retained earnings.
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ClearView Wealth Limited
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