PET - Plain English Taxonomy

Attribute: R13059
Concept:
Label: Unexpired Risk Liability
Concept Guidance:
For interpretation/definition of this item refer to the Australian Accounting Standards, as an example, see provided reference 
Form-Specifc Guidance:
Report the value, as at the reporting date, of the unexpired risk amount (if any) that arises from any deficiencies in the insurer's liability adequacy test, determined in accordance with Australian Accounting Standards and adopted in the insurer's statutory accounts.

If the present value of the expected future cash flows relating to future claims arising from the rights and obligations under current general insurance contracts, plus an additional risk margin to reflect the inherent uncertainty in the central estimate, exceed the unearned premium liability less related intangible assets and related deferred acquisition costs, then the unearned premium liability is deficient. The entire deficiency shall be recognised in the income statement. In recognising the deficiency in the statement of comprehensive income the insurer shall first write-down any related intangible assets and then the related deferred acquisition costs. If an additional liability is required this shall be recognised in the statement of financial position as an unexpired risk liability.
Dimensions
Dimension Member Description
(Accounting)
This dimension represents the basis used for the reported information.
This information relates to the accounting basis of preparation.
(DirectBusiness)
This dimension is used to categorise information according to business activity.
Report where the class of business relates to direct insurance contracts.Insurance contracts are classified as 'direct' when the reporting party has a contract directly with a policyholder that is not an insurer or reinsurer. Policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs.
This dimension categorises reported data according to predefined product groups.