Estimation uncertainty – Susceptibility to an inherent lack of precision in measurement. (Ref: Para.  A16 , Appendix 1 ) …

Management bias – A lack of neutrality by management in the preparation of information. (Ref: Para.  A17 ) …

Management’s point estimate – The amount selected by management for recognition or disclosure in the financial report as an accounting …

Outcome of an accounting estimate – The actual monetary amount that results from the resolution of the transaction(s), event(s) or condition(s) addressed by an accounting estimate. (Ref: Para.  A18 …

For the purposes of this Guidance Statement, the following items have the meanings attributed below: …

Annual Accounts of an insurance group , refers to accounts constituting reporting documents required to be prepared by the parent entity of the group in compliance with reporting standards made under the Financial Sector (Collection of data) Act 2001 …

Appointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act 1973 (the Act). …

General insurer means, under section 11 of the Insurance Act 1973 (the Act) as amended, a body corporate that is authorised in writing by APRA, under section 12 of the Act, to carry on general insurance business in Australia. The term ‘general insurer …

Group Auditor of a Level 2 insurance group, under GPS 310 must be one of the following persons: the Appointed Auditor of the parent entity where the parent entity is an insurer; the Appointed Auditor of an APRA authorised insurer within the group; or a …

Level 2 insurance group (insurance group), under Prudential Standard GPS 001 Definitions [3] is: where there is no authorised NOHC and an insurer has controlled entities, the consolidation of the insurer and its controlled entities; or where there is an …