Financial Sector (Collection of Data) Determinations Nos. 46 to 64 of 2005 – reporting standards applying to superannuation entities
EXPLANATORY STATEMENT
Issued by the authority of the Australian Prudential Regulation Authority (‘APRA’)
Financial Sector (Collection of Data) Act 2001 (‘FSCOD Act’), s 13(1)(a) and s 15
Acts Interpretation Act 1901, s 33(3)
Subsection 13(1) of the FSCOD Act provides that APRA may, by writing, determine reporting standards that are required to be complied with by financial sector entities. Section 15 of the FSCOD Act gives APRA power to make a formal declaration of the date when reporting standards begin to apply. (Although s 15(2) provides for such declarations to be published in the Gazette, s 56(1) of the Legislative Instruments Act 2003 provides that this requirement is fulfilled by registration on the Federal Register of Legislative Instruments.) Subsection 33(3) of the Acts Interpretation Act gives APRA power to revoke reporting standards so made.
Financial Sector (Collection of Data) Determinations Nos. 46 to 63 of 2005 determine reporting standards which will apply to trustees of superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993 (the SIS Act)). Determination No. 64 of 2005 revokes certain existing reporting standards, which the new ones replace.
The pre-existing reporting standards were all amended in 2004 by Financial Sector (Collection of Data) Determination No. 7 of 2004, and it is intended to consolidate those amendments in fresh reporting standards. This will simplify compliance with the Legislative Instruments Act 2003. APRA will not be required to backcapture the revoked reporting standards (which were determined together as one large legislative instrument, which would result in a cumbersome electronic file), or backcapture the amendments and prepare a consolidation, under that Act. APRA will make a separate determination for each new reporting standard, which will make it easier to refer to and amend them.
The new reporting standards, like the old ones, are expressed to apply to ‘relevant registered superannuation entities’. This term was originally chosen in anticipation of the enactment of Part 2B of the SIS Act. Part 2B is now in force and makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act (which period ends on 30 June 2006), it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of a reporting standard, even if it has not been registered under Part 2B. Accordingly, the new reporting standards, like the old ones, will apply in relation to all superannuation entities, whether registered yet or not.
Although the new reporting standards are distinguished from the old ones by the suffix ‘(2005)’, this is only intended to refer to the year of their making, and they will apply to all relevant reporting periods according to their tenor until revoked (as is the case with all reporting standards made by APRA).
All the new reporting standards will begin to apply, in a formal sense, from the date of registration on the Federal Register of Legislative Instruments. However, there are certain transitional arrangements affecting the way they apply, to ensure there is no gap in reporting between the old and new reporting standards.
The new reporting standards in respect of quarterly returns (i.e. the 100 series) will apply to returns where the due date is after the date of registration of the new reporting standard on the Federal Register of Legislative Instruments. For example, if a quarter, based on the year of income a superannuation entity covered by a quarterly reporting standards, ended on 31 July 2005, then the trustee of the superannuation entity will be required to lodge quarterly returns under the new reporting standard. (This assumes that the reporting standards will be registered on the Federal Register of Legislative Instruments in August, before the time for reporting, which is 25 business days from 31 July 2005.)
The new reporting standards in respect of annual returns (i.e. the 200 and 300 series) will have effect in respect of reporting periods ending on or after 30 June 2005. The due date for these returns is 4 months from the end of the relevant year of income, so the first returns under the new standards in the 200 and 300 series will be due by the end of October 2005, well after the date of registration of the reporting standards on the Federal Register of Legislative Instruments.
Each old reporting standard will be revoked on the date the new standard replacing it formally begins to apply to relevant trustees (i.e. on the date of registration of the new reporting standard on the Federal Register of Legislative Instruments): see Financial Sector (Collection of Data) Determination No. 64 of 2005. Certain obligations under the old reporting standards are preserved to ensure there is no reporting gap. If, under an old quarterly reporting standard, a reporting document was due on or before the day the old reporting standard ceases to apply, the trustee will report for that quarter under the old reporting standard. In relation to annual reporting obligations, the obligation will be to report under the old reporting standards for all reporting periods ending before 30 June 2005, if this has not already been done.
For example:
- the revocation of SRS 010 Temporary Parallel Reporting Arrangements for Registered Superannuation Entities will not release trustees of superannuation entities from any obligation to lodge an overdue return under that reporting standard.
- if a return in respect of the quarter ending 31 March 2005 remains overdue under a reporting standard in the old 100 series, the obligation to lodge that return will remain on foot.
- in relation to annual returns, if the 2004-05 year of income for a superannuation entity ended on 31 May 2005, the trustee of the superannuation entity will remain obliged to report under the relevant old reporting standards (either in the 200 or 300 series, depending on the nature of the entity) in respect of that year of income. This will be so even though the reporting due date will be some 2 months after the old reporting standard ceases to apply. The trustee will not, of course, be required to report under the equivalent new reporting standards in the 200 or 300 series in respect of that year of income because the balance date occurred before 30 June 2005 (see discussion above).
In practice, it will not matter if a trustee inadvertently reports under the old reporting standard when it should be reporting under the new one, or vice versa, because the old and new reporting standards impose substantially the same requirements.
Financial Sector (Collection of Data) Determination No. 46 of 2005 - SRS 100.0 (2005) Statement of Financial Position
This reporting standard requires registered superannuation entities with total assets of greater than $50 million (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide specific financial information resulting from the operations of the superannuation entity, specifically the investments operations and membership activity in terms of contributions, rollovers, and benefit payments, on a quarterly basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry. The Australian Bureau of Statistics (“ABS”) will also use this information for statistical purposes.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended quarterly reporting requirements for superannuation entities concerning certain profit and loss items. It also inserted requirements specific to pooled superannuation trusts and created new reconciliation items to ensure consistency with other reporting standards. It also amended the processes for lodging quarterly returns with APRA.
Financial Sector (Collection of Data) Determination No. 46 of 2005 consolidates the old reporting standard, with those amendments, in the new SRS 100.0 (2005), and makes a number of minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 47 of 2005 - SRS 110.0 (2005) Statement of Financial Position
This reporting standard requires registered superannuation entities with total assets of greater than $50 million (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide specific financial information on the financial position of the superannuation entity on a quarterly basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry. The Australian Bureau of Statistics (“ABS”) will also use this information for statistical purposes.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended quarterly reporting requirements for superannuation entities concerning assets and liabilities held for use in risk assessments of such entities. That Determination also amended the level of detail to be provided concerning deposits of the entity. It also changed processes for lodging quarterly returns with APRA.
Financial Sector (Collection of Data) Determination No. 47 of 2005 consolidates the old reporting standard, together with, these amendments in the new SRS 110.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 48 of 2005 - SRS 110.1 (2005) Selected Disclosure of Investments
This reporting standard requires registered superannuation entities with total assets of greater than $50 million (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide detailed information on the composition of the aggregated net market value reported for certain investment items in SRF 110.0 Statement of Financial Position on a quarterly basis.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the original SRS 110.1 to vary the processes for lodging quarterly returns with APRA Additionally the reporting standard was renamed ‘Selected Disclosure of Investments’ to reflect the nature of the information collected in the form.
Financial Sector (Collection of Data) Determination No. 48 of 2005 consolidates the old reporting standard, with these amendments, in the new SRS 110.1 (2005), and makes a number of minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 49 of 2005 - SRS 110.2 (2005) Derivative Financial Instruments
This reporting standard requires registered superannuation entities with total assets of greater than $50 million (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide information on the derivative financial instrument exposure of a superannuation entity on a quarterly basis. This information will be used in APRA’s off site analysis and monitoring framework for both individual funds and the industry as a whole.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the original SRS 110.2 to vary the processes for lodging quarterly returns with APRA.
Financial Sector (Collection of Data) Determination No. 49 of 2005 consolidates the old standard, with these amendments, in the new SRS 110.2 (2005), and makes a number of minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 50 of 2005 - SRS 120.0 (2005) Exposure Concentrations
This reporting standard requires registered superannuation entities with total assets of greater than $50 million (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide information on an individual superannuation entity’s ten largest assets or investments and/or liabilities, whether to an individual counterparty or a group of related counterparties of the reporting entity, on a quarterly basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the original SRS 120.0 to vary the processes for lodging quarterly returns with APRA.
Financial Sector (Collection of Data) Determination No. 50 of 2005 consolidates the old standard, with these amendments, in the new SRS 120.0 (2005), and makes a number of minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 51 of 2005 - SRS 200.0 (2005) Statement of Financial Performance
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide specific financial information resulting from the operations of the superannuation entity, specifically the investments operations and membership activity in terms of contributions, rollovers, and benefit payments, on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry. The ABS will also use this information for statistical purposes.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning certain profit and loss items. The Determination inserted requirements specific to pooled superannuation trusts and created new reconciliation items to ensure consistency with other reporting standards.
The Determination also amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 51 of 2005 consolidates the old standard, with these amendments, in the new SRS 200.0 (2005), and makes a number of minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 52 of 2005 - SRS 210.0 (2005) Statement of Financial Position
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide specific financial information on the financial position of the superannuation entity on an annual basis. This information forms part of APRA’s monitoring and analysis framework for superannuation funds and the industry. The ABS will also use this information for statistical purposes.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning assets and liabilities held for use in risk assessments of such entities. It also changed the level of detail to be provided concerning deposits of the fund, and required new detailed information about the fund balance. The variations also affected the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 52 of 2005 consolidates the old standard, with these amendments, in the new SRS 210.0 (2005), and makes a number of minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 53 of 2005 - SRS 210.1 (2005) Selected Disclosure of Investments
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide detailed information on the composition of the aggregated net market value reported for certain investment items in form SRF 210.0 Statement of Financial Position, on an annual basis.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning detailed information on the composition of their aggregated net market value. These amendments required the entity to report the same information in new tables within the form. Further, it amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 53 of 2005 consolidates the old standard, with these amendments, in the new SRS 210.1 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 54 of 2005 - SRS 210.2 (2005) Derivative Financial Instruments
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide information on the derivative financial instrument exposure of a superannuation entity on an annual basis. This information will be used in APRA’s off site analysis and monitoring framework for both individual funds and the industry as a whole.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 54 of 2005 consolidates the old standard, with these amendments, in the new SRS 210.2 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 55 of 2005 - SRS 220.0 (2005) Exposure Concentrations
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide information on an individual superannuation entity’s ten largest assets or investments and/or liabilities, whether to an individual counterparty or a group of related counterparties of the reporting entity, on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 55 of 2005 consolidates the old standard, with these amendments, in the new SRS 220.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 56 of 2005 - SRS 230.0 (2005) Transactions with Associated Entities
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide information on transactions with related parties of the reporting fund, on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning their asset classes. It also required the entity to report their transactions with associated entities in four distinct tables rather than one table. Further, the Determination changed the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 56 of 2005 consolidates the old standard, with these amendments, in the new SRS 230.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 57 of 2005 - SRS 240.0 (2005) Membership Profile
This reporting standard requires registered superannuation entities (other than a self-managed superannuation fund, a small APRA fund or a single member approved deposit fund) to provide specific information on the membership profile on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning the membership profile of the entity by requiring the information to be provided in tabular format. Further, it amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 57 of 2005 consolidates the old standard, with these amendments, in the new SRS 240.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 58 of 2005 - SRS 300.0 (2005) Statement of Financial Performance
This reporting standard requires registered superannuation entities which are either a small APRA fund or a single member approved deposit fund to provide specific financial information resulting from the operations of the superannuation entity, specifically the investments operations and membership activity in terms of contributions, rollovers, and benefit payments, on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry. The ABS will also use this information for statistical purposes.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning certain profit and loss items. It created new reconciliation items to ensure consistency with other reporting standards, and required entities to provide more detailed contribution revenue information. It also amended the reporting scale factor for entities to require reporting in whole dollars. The variations amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 58 of 2005 consolidates the old standard, with these amendments, in the new SRS 300.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 59 of 2005 - SRS 310.0 (2005) Statement of Financial Position
This reporting standard requires registered superannuation entities which are either a small APRA fund or a single member approved deposit fund to provide specific financial information on the financial position of the superannuation entity on an annual basis. This information forms part of APRA’s monitoring and analysis framework for superannuation funds and the industry. The ABS will also use this information for statistical purposes.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning assets and liabilities held for use in risk assessments of such entities. It also amended the level of detail to be provided concerning deposits of the fund, and required new detailed information about the fund balance and borrowings by the fund. The variations also amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 59 of 2005 consolidates the old standard, with these amendments, in the new SRS 310.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 60 of 2005 - SRS 310.1 (2005) Selected Disclosure of Investments
This reporting standard requires registered superannuation entities which are either a small APRA fund or a single member approved deposit fund to provide information on the entity’s interest in equity securities of unlisted corporations and unlisted private trusts, as well as interests in venture operations, on an annual basis. This form provides further detail on the composition of the aggregated value reported for investments in form SRF 310.0 Statement of Financial Position.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning internal and external investment management. It required entities to break down their investment management information into these two categories. Additionally, the standard was renamed ‘Selected Disclosure of Investments’ to reflect the nature of the information collected in the form. Further, the variations also amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 60 of 2005 consolidates the old standard, with these amendments, in the new SRS 310.1 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 61 of 2005 - SRS 310.2 (2005) Derivative Financial Instruments
This reporting standard requires registered superannuation entities which are either a small APRA fund or a single member approved deposit fund to provide information on the derivative financial instrument exposure of a superannuation entity on an annual basis. This information will be used in APRA’s off site analysis and monitoring framework for both individual funds and the industry as a whole.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 61 of 2005 consolidates the old standard, with these amendments, in the new SRS 310.2 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 62 of 2005 - SRS 320.0 (2005) Exposure Concentrations
This reporting standard requires registered superannuation entities which are either a small APRA fund or a single member approved deposit fund to provide information information on an individual superannuation entity’s ten largest assets or investments and/or liabilities, whether to an individual counterparty or a group of related counterparties of the reporting entity, on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 62 of 2005 consolidates the old standard, with these amendments, in the new SRS 320.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 63 of 2005 - SRS 330.0 (2005) Transactions with Associated Parties
This reporting standard requires registered superannuation entities which are either a small APRA fund or a single member approved deposit fund to provide information on transactions with related parties of the reporting fund on an annual basis. This information forms part of APRA’s monitoring and analysis framework for both superannuation funds and the industry.
Financial Sector (Collection of Data) Determination No. 7 of 2004 amended the annual reporting requirements for superannuation entities concerning their asset classes. It also required the entity to report their transactions with associated entities in four distinct tables rather than one table.
Further, the Determination also amended the process for the lodgement and verification of annual returns with APRA. Additional provision was made within the standard for the lodgement of all returns by an administrator external to the superannuation entity.
Financial Sector (Collection of Data) Determination No. 63 of 2005 consolidates the old standard, with these amendments, in the new SRS 330.0 (2005), and makes several minor technical or clarifying changes. No substantive changes to the requirements have been made.
A Regulation Impact Statement is not required for this reporting standard as the changes are of a minor or machinery nature.
Financial Sector (Collection of Data) Determination No. 64 of 2005
This revokes the reporting standards that are being replaced by those mentioned above. However, it is not intended to disturb any accrued obligations under an old reporting standard. If a reporting period for an ADI under one of the old standards ended before 30 June 2005, the trustee of the relevant superannuation entity will still be required to report under that old standard in relation to that period (if the report has not already been provided to APRA). The new standards will apply in respect of reporting periods ending on or after 30 June 2005.
Consultation
Consultation on the original framework
As the new reporting standards substantially reflect the old ones (as amended) it is relevant to refer to the consultation process in relation to the old reporting standards.
The original reporting framework, determined in June 2003, was implemented after an extensive consultation process that commenced in 2002. These proposals were the subject of a number of rounds of consultation with industry, comprising discussions with a targeted industry group in September 2002, and two rounds of official consultation between January and April 2003. At this stage of the consultation process, APRA called for submissions from all areas of the superannuation industry (via a press release, and general notice on the APRA website). Submissions were received from major industry bodies (namely the Association of Superannuation Funds of Australia Ltd (ASFA), Australian Custodial Services Association Ltd (ASCA), Investment and Financial Services Association (IFSA), Australian Institute of Superannuation Trustees (AIST) and Australian Accounting Research Foundation) as well as from a small number of individual trustees.
APRA made a number of changes to the initial proposal as a result of this consultation before the final package was determined. These changes included the correction of errors in the forms and instructions, clarification of the proposed reporting requirements, the simplification of proposed reporting requirements, and the removal of some particularly contentious reporting requirements so the forms better reflected the practical operations of the superannuation entities involved.
Consultation on the 2004 amendments
The consultation process in relation to the 2004 amendments (which are consolidated in the new reporting standards) involved a series of meetings with certain industry representatives, pilot testing of the forms and a letter sent to industry bodies requesting final comments on the proposed changes. Additionally, the amendments to the reporting forms were posted on the APRA website.
Whilst this consultation process did not directly contact each member of the superannuation industry, it aimed to ensure that the amendments propose for the reporting framework are commercially realistic, and do actually provide increased protection to superannuation fund members without unnecessarily increasing compliance costs.
The final round of consultation, where the proposed changes were sent to all major industry bodies (specifically, the Australian Accounting Standards Board, ASFA, ASCA, IFSA and AIST), did not elicit any further comment about the content of the forms.
Additional consultation on the 2005 redeterminations
As the redetermined reporting standards do not vary in any material way from the pre-existing standards, APRA did not consider it necessary to undertake further consultation in relation to Financial Sector (Collection of Data) Determinations 46 to 64 of 2005. No additional obligations are imposed on superannuation entities as a result of these changes. APRA has advised trustees, however, that minor changes of a clarification nature have been made to the instructions to the reporting forms, via a letter sent in late July 2005.