Financial Sector (Collection of Data) (reporting standard) determination No. 57 of 2008 - Variation to Reporting Standard SRS 260.0 (2005) - Trustee Statement (Cth)

Financial Sector (Collection of Data) (reporting standard) determination No. 57 of 2008

Variation to Reporting Standard SRS 260.0 (2005) Trustee Statement

Financial Sector (Collection of Data) Act 2001

I, Charles Watts Littrell, a delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, VARY Reporting Standard SRS 260.0 (2005) Trustee Statement (the reporting standard) made by Financial Sector (Collection of Data) determination No. 42 of 2005 in the manner set out in the Schedule.

Under section 15 of the Act, I DECLARE that this variation to the reporting standard shall begin to apply to financial sector entities covered by the reporting standard on the day next following the day of registration of this instrument on the Federal Register of Legislative Instruments.

Dated 18 September 2008

[Signed]

Charles Littrell

Executive General Manager

Policy Research and Statistics

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under

section 20 of the Legislative Instruments Act 2003.

Schedule

[1]       SRF 260.0: Trustee Statement – 200 Series, item 3.2

omit

‘Enter N in the box next to the sections or regulations with which the superannuation entity has not complied.’

substitute

‘Where N has been entered in 3.1, enter N in the box next to the sections or regulations with which the superannuation entity has not complied.’

1. SRF 260.0: Trustee Statement – 200 Series, item 5.2

omit

‘Enter N in the box next to the sections with which the superannuation entity has not complied.’

substitute

‘Where N has been entered in 5.1, enter N in the box next to the sections or regulation with which the superannuation entity has not complied.’

[3]      SRF 260.0: Trustee Statement – 200 Series, item 5.2, table headed ‘Applicable Corporations Act 2001 provisions:’

omit

Section 1012G(3)	(Y or N)
Section 1012G(3A)	(Y or N)

[4]       Reporting Form SRF 260.0 Trustee Statement Instruction Guide, in the section ‘General guidance for completion of SRF 260.0 Trustee Statement’, after the paragraph headed ‘Important!’

insert

International Financial Reporting Standards (IFRS) for pooled superannuation trusts

PSTs that are also reporting entities are now required under Australian accounting standards to prepare financial statements in accordance with IFRS.  (Other types of superannuation entities continue to prepare financial statements under AAS25, which has not been changed for IFRS).

In order to minimize dual reporting, APRA has elected to adopt IFRS for PSTs, subject to one exception.  This exception is ‘unitholder funds’, which may become liabilities under IFRS.  ‘Unitholder funds’ should be reported to APRA on a pre-IFRS (i.e. AGAAP) basis, in essence retaining their character as an equity item rather than a liability item.

Breach reporting and SRF 260.0

SRF 260.0 requires trustees to attest to compliance with key legislative requirements governing superannuation. The requirement to attest compliance within this form is not intended to exceed the requirements for trustees to report only significant breaches to APRA as required by section 29JA of the SIS Act. In the event a breach of any of the part of the legislative framework referred to in this form has occurred and the breach was not significant as defined in section 29JA of the SIS Act, then the trustee is not required to attest non-compliance within this form. Where non-compliance with any of the provisions referred to in this form has occurred and this non-compliance is determined to be a significant breach, then trustees are expected to attest to such non-compliance within this form.