Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2014 - SRS 330.1 - Statement of Financial Performance

Administered by Department of the Treasury

Legislation au F2014L00674 Not in force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determinations No. 12 to 15 of 2014

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

Financial Sector (Collection of Data) Act 2001, sections 13 and 15

Acts Interpretation Act 1901, section 33

Under subsection 13(1) of the Financial Sector (Collection of Data) Act 2001 (the Act), APRA has the power to determine reporting standards, in writing, with which financial sector entities must comply.  Such standards relate to reporting financial or accounting data and other information regarding the business or activities of the entities.  Subsection 33(3) of the Acts Interpretation Act 1901 provides that where an Act confers a power to issue an instrument the power shall, unless the contrary intention appears, be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to revoke any such instrument.

On 2 June 2014, APRA made the following determinations (the instruments):

(1)          Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2014 which:

(i)            revokes Reporting Standard SRS 330.1 Statement of Financial Performance made under Financial Sector (Collection of Data) (reporting standard) determination No. 73 of 2013; and

(ii)         determines Reporting Standard SRS 330.1 Statement of Financial Performance (SRS 330.1);

(2)          Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2014 which:

(i)            revokes Reporting Standard SRS 330.2 Statement of Financial Performance made under Financial Sector (Collection of Data) (reporting standard) determination No. 74 of 2013; and

(ii)         determines Reporting Standard SRS 330.2 Statement of Financial Performance (SRS 330.2);

(3)          Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2014 which:

(i)            revokes Reporting Standard SRS 800.0 Financial Statements made under Financial Sector (Collection of Data) (reporting standard) determination No. 94 of 2013; and

(ii)         determines Reporting Standard SRS 800.0 Financial Statements (SRS 800.0); and

(4)          Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2014 which:

(i)            revokes Reporting Standard SRS 801.0 Investments and Investment Flows made under Financial Sector (Collection of Data) (reporting standard) determination No. 95 of 2013; and

(ii)         determines Reporting Standard SRS 801.0 Investments and Investment Flows (SRS 801.0).

SRS 330.2, SRS 800.0 and SRS 801.0 commence on 30 June 2014 and apply to reporting periods ending on or after that date. SRS 330.1 commences on 1 July 2014 and applies to reporting periods ending on or after that date.

  1.    Background

APRA is empowered to make reporting standards under the Act, which require regulated institutions, including RSE licensees, to submit specified data through various reporting forms. Data from these forms are used internally to assist APRA’s supervisory functions and by other agencies such as the Australian Bureau of Statistics and the Australian Securities and Investments Commission. APRA also collates and publishes statistical information and analysis using data from these reporting forms.

In 2013, APRA released a suite of 37 final reporting standards applying to the superannuation industry.

Since the commencement of the new reporting requirements, APRA has received industry feedback on some of these obligations, seeking clarification and guidance on interpretation. As a result, APRA has publicly released a number of frequently asked questions (FAQs) on the APRA website to provide timely guidance for RSE licensees to ensure the submission of high quality data to APRA.

A number of matters raised by industry stakeholders and which are covered in FAQs are those that APRA considers necessary to include in the reporting standards, forms and instructions on an ongoing basis.

On 25 March 2014, APRA released revised versions of six quarterly reporting standards which APRA had identified as requiring minor amendment, largely with respect to the reporting instructions. These minor amendments somewhat simplified the superannuation industry’s reporting obligations, but did not impose any new obligations.

Following this, APRA has identified four annual reporting standards which would benefit from minor amendment, largely with respect to the reporting instructions.  Where appropriate, these amendments bring about consistency with the six quarterly reporting standards mentioned above.

2.      Purpose and operation of the instruments

The purpose of making the instruments is to amend four annual reporting standards to ensure that all relevant information relating to compliance with the reporting requirements is available in one, consolidated location. APRA has incorporated the materials from the FAQs, as well as a small number of other minor corrections, into the reporting standards, forms and instructions. This requires revoking the four old annual reporting standards and replacing them with new versions that reflect the minor amendments.

The types of changes that APRA has made include: correction of paragraph references, provision of additional examples for reporting data, clarification of instructions for when updated information needs to be reported to APRA and minor changes to definitions to ensure that they reflect recognized industry terminology and practice. Details of the changes to the four annual reporting standards are outlined below:

(1)     Reporting Standard SRS 330.1 Statement of Financial Performance

  • Removal of references to select investment options, pending re-consultation;
  • Clarity about the treatment of lump sum benefit payments and insurance related inflows;
  • Confirmation that investment income and investment expenses should be reported on a gross basis; and
  • Clarification that operating income is to include rebates on fees charged to members and additional detail for reporting on insurance related inflows and fee rebates.

(2)   Reporting Standard SRS 330.2 Statement of Financial Performance

  • Clarity about the treatment of lump sum benefit payments and insurance related inflows;
  • Confirmation that investment income and investment expenses should be reported on a gross basis; and
  • Clarification that operating income is to include rebates on fees charged to members and additional detail for reporting on insurance related inflows and fee rebates.

(3)   Reporting Standard SRS 800.0 Financial Statements

  • Additional detail about how to report members’ benefits for members with defined benefit and defined contribution interests;
  • Confirmation that investment income and investment expenses should be reported on a gross basis;
  • Clarity about the treatment of lump sum benefit payments and insurance related inflows; and
  • Clarification that operating income is to include rebates on fees charged to members and additional detail for reporting on insurance related inflows and fee rebates.

(4)   Reporting Standard SRS 801.0 Investments and Investment Flows

  • The addition of a new investment vehicle type ‘life company other’, for consistency with amendments made in March 2014 to Reporting Standard SRS 530.1 Investments and Investment Flows (SRS 530.1) and Reporting Standard SRS 533.0 Asset Allocation (SRS 533.0);
  • Additional detail on look-through reporting requirements, and definition of equity investments and asset and investment vehicle domicile;
  • Clarification of requirements to report currency hedged investments and indirectly held assets exposed to derivatives contracts; and
  • Rewording of the definition of ‘life company guaranteed’ and ‘life company investment linked’ and inclusion of the definition of ‘life company other’, for consistency with amendments made in March 2014 to SRS 530.1 and SRS 533.0.

3.      Consultation

APRA undertook extensive consultations on the development of the 37 reporting standards, including SRS 330.1, SRS 330.2, SRS 800.0 and SRS 801.0, which were determined in 2013.

The substance of these changes, which do not substantially alter existing arrangements, has been previously communicated to industry via the FAQs on APRA’s website.

4.  Regulation Impact Statement

The Office of Best Practice Regulation has advised that a Regulation Impact Statement is not required for these legislative instruments.

5. Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

A Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 is provided at Attachment A to this Explanatory Statement.

ATTACHMENT A

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Financial Sector (Collection of Data) (reporting standard) determinations Nos. 12 to 15 of 2014

 

The above legislative instruments are compatible with the human rights and freedoms recognised or declared in the international instrument listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 (HRPS Act).

Overview of the legislative instruments

The purpose of making these legislative instruments is to revoke existing reporting standards and remake reporting standards to make minor and machinery amendments to the reporting requirements in relation to RSE licensees.

Human rights implications

APRA has assessed the instruments against the international instruments listed in section 3 of the HRPS Act and determined that only Article 17 of the International Covenant on Civil and Political Rights (ICCPR) is conceivably potentially of relevance to the legislative instruments.

Article 17 of the ICCPR prohibits the arbitrary or unlawful interference with a person’s privacy, family, home and correspondence, and attacks on reputation. Article 17 is exclusively concerned with prohibiting interference with the privacy and/or reputation of individual persons. It does not extend to the privacy and/or reputation of corporate entities.

The majority of information collected will be about the profile and structure, financial performance and investments of each RSE licensee’s business operations but will not involve the collection of information directly relating to individual persons.

Consequently the instrument does not engage any of the applicable rights or freedoms recognised or declared in the international instruments listed in section 3 of the HRPS Act. Accordingly, in APRA’s assessment, the instrument is compatible with human rights.

Conclusion

Financial Sector (Collection of Data) (reporting standard) determinations Nos. 12 to 15 of 2014 are compatible with human rights because the instruments do not limit human rights or otherwise raise any human rights issues.

 

Overview

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 12 to 15 of 2014 were made under the Financial Sector (Collection of Data) Act 2001, which empowers the Australian Prudential Regulation Authority (APRA) to determine reporting standards for financial sector entities. These determinations were enacted to address the need for minor amendments to four annual reporting standards, primarily for consistency and clarity in the reporting instructions, and to incorporate industry feedback and frequently asked questions (FAQs) into the standards. The objective was to ensure that all relevant information for compliance with reporting requirements is available in a consolidated location, facilitating the submission of high-quality data to APRA. The changes made were minor, largely involving clarifications, additional examples, and minor corrections, and did not impose new obligations on the regulated institutions. The instruments reflect APRA’s commitment to maintaining effective and efficient reporting standards within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 12 to 15 of 2014, issued under the Financial Sector (Collection of Data) Act 2001, apply to financial sector entities, including Regulated Superannuation Entities (RSE) licensees, within the Commonwealth of Australia. These determinations were made by the Australian Prudential Regulation Authority (APRA) to revise and improve reporting standards for financial and accounting data. Specifically, these instruments revoke existing reporting standards and establish new ones, focusing on minor amendments to reporting instructions and clarifications to ensure consistency and accuracy in data submission. The changes include updates to definitions, reporting examples, and instructions on when and how to report updated information to APRA. These amendments are largely administrative and aim to enhance the quality of data collected, without imposing new obligations on the regulated entities. The new reporting standards apply to reporting periods ending on or after 30 June 2014 and 1 July 2014, depending on the standard. APRA has assessed these instruments against human rights considerations, concluding that they are compatible with human rights as they do not limit individual privacy or reputation rights, given that the data pertains to business operations rather than individuals.

Key Provisions

Under the Financial Sector (Collection of Data) Act 2001, the Australian Prudential Regulation Authority (APRA) has the power to determine reporting standards for financial sector entities, including regulated institutions and RSE licensees (sections 13 and 15). APRA has used this power to make four determinations on 2 June 2014, revoking and replacing existing reporting standards with updated versions that reflect minor amendments and industry feedback (sections 12 to 15). The revised standards cover Statement of Financial Performance, Financial Statements, and Investments and Investment Flows, and aim to consolidate relevant information, simplify reporting obligations, and ensure consistency with other reporting standards. These determinations apply to reporting periods ending on or after 30 June 2014. Regulated entities must comply with the new reporting standards by submitting the specified financial and operational data to APRA. This includes RSE licensees, who must report on their financial performance, investments, and other business activities as per the new standards. The entities must ensure that the data submitted aligns with the instructions and definitions provided in the reporting standards to maintain high-quality reporting. APRA also requires that entities submit updated information when changes occur, and they must use the correct investment vehicle types and classifications as outlined in the new standards. Failure to comply with the new reporting standards can lead to various consequences, including but not limited to, non-compliance notices, enforcement actions, and potential financial penalties. Although the new standards aim to simplify reporting obligations and do not introduce new substantive requirements, APRA expects entities to adhere to the updated instructions and definitions. Non-compliance could result in inaccuracies in the data submitted to APRA, which may hinder APRA’s supervisory functions and the quality of the statistical information published by APRA. The specific penalties for non-compliance are not detailed in the explanatory statement but could include fines and other enforcement measures as stipulated by the Financial Sector (Collection of Data) Act 2001. APRA has undertaken extensive consultations with the industry and has made minor amendments to the reporting standards based on feedback and frequently asked questions published on the APRA website. These amendments are largely procedural and do not impose new obligations on entities. The purpose of these legislative instruments is to ensure that all relevant information is available in one consolidated location and that the reporting instructions are clear and consistent with other standards. APRA has also assessed the compatibility of these instruments with human rights, concluding that they do not engage any of the applicable rights or freedoms as they do not involve the collection of information directly relating to individual persons.

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