Understand the terms we use

Terms beginning with "A"

Acquisition Costs

The fixed and variable costs of acquiring new business, including commissions and similar distribution costs, and costs of accepting, issuing and initially recording policies.

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Actuarial Gains & Losses

These comprise: (a) Experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually occurred); and (b) the effects of changes in actuarial assumptions.

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Annual Reporting Period

The financial year or similar period to which annual financial statements relate.


A resource: (a) controlled by an entity as a result of past events; and ...

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Accrual basis of accounting

The effects of transactions and other events are recognised when they occur (and not as cash or its equivalent is received or paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relat