The Australian Prudential Regulation Authority (APRA) is seeking feedback on proposed amendments to the finalised reporting standards for insurers impacted by the introduction of Australian Accounting Standards Board 17 Insurance Contracts (AASB 17). 
 
APRA says it has identified minor amendments to improve the function of the final reporting standards from recent development and testing of the regulator’s data collections. The reporting standards are set to commence on July 1. 
 
“The proposed changes are intended to improve usability and remove ambiguity that could lead to inaccurate reporting,” APRA says in its letter to general, life and health insurers. 
 
APRA says the proposed changes can be categorised as: correct errors that could lead to incorrect reporting; remove ambiguity of instructions; and improve usability. 
 
Closing date for submissions is May 19. 
 
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