Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2015 - SRS 330.2 - Statement of Financial Performance

Administered by Department of the Treasury

Legislation au F2015L00814 Not in force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

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

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.

On 10 June 2015, APRA made the following determinations (the revised reporting standards):

  1. Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2015, which:

(i)     revokes Reporting Standard SRS 001.0 Profile and Structure (Baseline) made under Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2014; and

(ii)  determines Reporting Standard SRS 001.0 Profile and Structure (Baseline);

2.      Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2015, which:

(i)     revokes Reporting Standard SRS 114.0 Operational Risk Financial Requirement made under Financial Sector (Collection of Data) (reporting standard) determination No. 64 of 2013; and

(ii)  determines Reporting Standard SRS 114.0 Operational Risk Financial Requirement;

3.      Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2015, which:

(i)     revokes Reporting Standard SRS 160.0 Defined Benefit Matters made under Financial Sector (Collection of Data) (reporting standard) determination No. 66 of 2013; and

(ii)  determines Reporting Standard SRS 160.0 Defined Benefit Matters;

4.      Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2015, which:

(i)     revokes Reporting Standard SRS 160.1 Defined Benefit Member Flows made under Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2014; and

(ii)  determines Reporting Standard SRS 160.1 Defined Benefit Member Flows;

5.      Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015, which:

(i)     revokes Reporting Standard SRS 161.0 Self-Insurance made under Financial Sector (Collection of Data) (reporting standard) determination No. 68 of 2013; and

(ii)  determines Reporting Standard SRS 161.0 Self-Insurance;

6.      Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2015, which:

(i)     revokes Reporting Standard SRS 250.0 Acquired Insurance made under Financial Sector (Collection of Data) (reporting standard) determination No. 69 of 2013; and

(ii)  determines Reporting Standard SRS 250.0 Acquired Insurance;

7.      Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2015, which:

(i)    revokes Reporting Standard SRS 320.1 Statement of Financial Position made under Financial Sector (Collection of Data) (reporting standard) determination No. 71 of 2013; and

(ii)  determines Reporting Standard SRS 320.1 Statement of Financial Position;

8.      Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2015, which:

(i)    revokes Reporting Standard SRS 330.2 Statement of Financial Performance made under Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2014; and

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

9.      Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2015, which:

(i)    revokes Reporting Standard SRS 331.0 Services made under Financial Sector (Collection of Data) (reporting standard) determination No. 75 of 2013; and

(ii)  determines Reporting Standard SRS 331.0 Services;

10.  Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2015, which:

(i)    revokes Reporting Standard SRS 410.0 Accrued Default Amount made under Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2014; and

(ii) determines Reporting Standard SRS 410.0 Accrued Default Amounts;

11.  Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2015, which:

(i)    revokes Reporting Standard SRS 540.0 Fees made under Financial Sector (Collection of Data) (reporting standard) determination No. 85 of 2013; and

(ii)  determines Reporting Standard SRS 540.0 Fees;

12.  Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2015, which:

(i)    revokes Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee) made under Financial Sector (Collection of Data) (reporting standard) determination No. 86 of 2013; and

(ii)  determines Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee);

13.  Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2015, which:

(i)     revokes Reporting Standard SRS 601.0 Profile and Structure (RSE) made under Financial Sector (Collection of Data) (reporting standard) determination No. 87 of 2013; and

(ii)  determines Reporting Standard SRS 601.0 Profile and Structure (RSE);

14.  Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2015, which:

(i)    revokes Reporting Standard SRS 602.0 Wind-up made under Financial Sector (Collection of Data) (reporting standard) determination No. 88 of 2013; and

(ii)  determines Reporting Standard SRS 602.0 Wind-up;

15.  Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2015, which:

(i)    revokes Reporting Standard SRS 610.0 Membership Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 89 of 2013; and

(ii)  determines Reporting Standard SRS 610.0 Membership Profile;

16.  Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2015, which:

(i)    revokes Reporting Standard SRS 610.1 Changes in Membership Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 90 of 2013; and

(ii)  determines Reporting Standard SRS 610.1 Changes in Membership Profile;

17.  Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2015, which:

(i)    revokes Reporting Standard SRS 610.2 Membership Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2013; and

(ii)  determines Reporting Standard SRS 610.2 Membership Profile;

18.  Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2015, which:

(i)    revokes Reporting Standard SRS 710.0 Conditions of Release made under Financial Sector (Collection of Data) (reporting standard) determination No. 93 of 2013; and

(ii)  determines Reporting Standard SRS 710.0 Conditions of Release;

19.  Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2015, which:

(i)    revokes Reporting Standard SRS 800.0 Financial Statements made under Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2014; and

(ii)  determines Reporting Standard SRS 800.0 Financial Statements;

20.  Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2015, which:

(i)    revokes Reporting Standard SRS 802.0 Fund Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 96 of 2013; and

(ii)  determines Reporting Standard SRS 802.0 Fund Profile.

The reporting standards listed in paragraphs 1 and 13 commence on 30 June 2015 and apply to reporting periods ending on and after that date.

The remaining reporting standards listed above commence on 1 July 2015 and apply to reporting periods ending on and 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 is used by APRA to assist with APRA’s supervisory functions, and also by Government and 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 and 2014, APRA released a new suite of 39 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 standards, as well as a large number of requests for clarification and guidance on interpretation.

2.      Purpose and operation of the instruments

The purpose of making these instruments is to make minor revisions to 20 of the existing reporting standards for superannuation to clarify and provide further guidance on existing reporting requirements.

As a result of the questions raised by the superannuation industry about the new reporting standards which were released in 2013 and 2014, APRA publicly released 95 frequently asked questions (FAQs) on the APRA website. The FAQs provided additional information to assist reporting entities to complete the reporting standards and were the result of ongoing dialogue with reporting entities and the superannuation industry more broadly.

Whilst some FAQs provide transition guidance, APRA considered that a number of the matters raised by industry and covered in FAQs should be included in the reporting standards, forms and instructions on an ongoing basis.

The majority of changes within the revised reporting standards are confined to the reporting instructions. The changes are minor in nature and are being released to simplify the superannuation industry’s reporting requirements by consolidating relevant guidance into the reporting standard.

3.      Consultation

As the FAQs had already been publicly released and the resulting changes to the reporting standards were minor in nature, no further consultation with industry was undertaken. Proposed final versions of the reporting standards, however, were released for an eight-week period to allow industry to identify any ‘fatal flaw’ issues in the final requirements; no such issues were reported to APRA during this eight-week period. 

4.      Regulation Impact Statement

The revised reporting standards incorporate into 20 reporting standards minor revisions which do not significantly change the reporting requirements. All of the revised reporting standards provide additional guidance and clarification and no new reporting requirements have been introduced as a result of this process.

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 No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015

 

This Legislative Instrument is 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 Instrument

The purpose of making these legislative instruments is to make minor revisions to 20 reporting standards to provide additional guidance and clarification on how to complete the reporting standards. The data collected in these reporting standards is used by APRA to assist with APRA’s supervisory functions, and also by Government and 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.

Human rights implications

APRA has assessed the instrument 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 instrument.

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 information collected as a result of the continued operation of the reporting standards will be about the profile and structure of each RSE licensee’s business operations. This information ultimately supports APRA achieving its mission of ensuring that, under all reasonable circumstances, financial promises made by the institutions APRA supervises are met within a stable, efficient and competitive financial system.

APRA does not publish the personal information which it collects. Information provided to APRA under reporting standards is protected information for the purposes of section 56 of the Australian Prudential Regulation Authority Act 1998 (APRA Act) and cannot be disclosed except under a limited range of circumstances provided for under that section. While APRA does publish some protected information gathered under reporting standards, APRA reviews all releases of data received under reporting standards to ensure that no information pertaining to an individual person can be deduced from the data.

Conclusion

Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015 are compatible with human rights because:

 

(i)            to the extent that determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015 limit human rights, those limitations are reasonable, necessary and proportionate; and

(ii)         the remaining parts of the determinations do not raise human rights issues.

Overview

The Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015 were introduced by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. These determinations, made on 10 June 2015, aim to provide additional guidance and clarification on existing reporting requirements for the superannuation industry. They are a response to feedback and clarification requests from the industry following the implementation of the initial suite of reporting standards in 2013 and 2014. The primary purpose of these instruments is to revise and streamline the reporting requirements by incorporating frequently asked questions into the reporting standards, thereby reducing ambiguity and enhancing compliance. The determinations are compatible with human rights as they do not interfere with the privacy and reputation of individuals, focusing instead on the business operations of RSE licensees. APRA ensures that personal information collected under these reporting standards is protected and not disclosed, aligning with the provisions of the Australian Prudential Regulation Authority Act 1998. This careful handling of data supports APRA’s objective of maintaining a stable and efficient financial system, ultimately safeguarding the financial promises made by supervised institutions.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015, made under the Financial Sector (Collection of Data) Act 2001 (the Act), apply to financial sector entities within the Commonwealth of Australia, particularly those involved in the superannuation industry. These determinations mandate specific reporting standards that regulated institutions, including RSE licensees, must adhere to when submitting specified financial and accounting data to the Australian Prudential Regulation Authority (APRA). The data collected is instrumental in assisting APRA with its supervisory functions, and is also utilised by various government and other agencies such as the Australian Bureau of Statistics and the Australian Securities and Investments Commission. APRA utilises this data to compile and publish statistical information and analysis. The revised reporting standards clarify and provide further guidance on existing reporting requirements, aiming to simplify the superannuation industry's reporting obligations by consolidating relevant guidance into the reporting standard. These determinations do not introduce new reporting requirements but rather refine and provide additional clarity to the existing ones, ensuring compliance with the Act’s stipulations.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015, made under the Financial Sector (Collection of Data) Act 2001, primarily revise and clarify existing reporting standards. These determinations (sections 1 to 20) revoke previous reporting standards and introduce revised versions, aiming to provide additional guidance and clarity to regulated entities. The revised standards cover a broad range of financial and operational data, including profile and structure details, operational risk financial requirements, defined benefit matters, and financial statements. These revised standards apply to reporting periods ending on and after 30 June 2015 for some standards, and 1 July 2015 for others. The Act imposes specific obligations on financial sector entities, requiring them to comply with the reporting standards set out in these determinations. These obligations include submitting specified data through designated reporting forms, ensuring the data reflects accurate and comprehensive information about the entity's business operations and financial status. The data collected is used by the Australian Prudential Regulation Authority (APRA) to support its supervisory functions and is also shared with other government agencies for broader economic and regulatory analysis. Furthermore, APRA is mandated to ensure that the information it collects and publishes does not infringe on the privacy and reputation of individual persons, as outlined in the compatibility statement with human rights. Failure to comply with these reporting standards can result in regulatory consequences. Although the determinations themselves do not explicitly detail specific penalties for non-compliance, breaches of the Financial Sector (Collection of Data) Act 2001 may lead to enforcement actions by APRA. These actions could include fines, public reprimands, or more severe regulatory sanctions, depending on the nature and severity of the breach. The Act empowers APRA to take these actions to ensure adherence to the reporting requirements, thereby maintaining the integrity and stability of the financial sector. In summary, these determinations provide essential updates and clarifications to existing reporting standards, ensuring that regulated entities have clear and consistent guidelines for data submission. Compliance is crucial for entities to support APRA’s regulatory oversight and to contribute to the broader financial system's stability and efficiency. Non-compliance can lead to regulatory penalties, underscoring the importance of adhering to the prescribed reporting standards.

Legal classification tags

Area of Law
Financial Sector (Collection of Data)
Instrument
Regulation
Concepts
Regulatory Standards
Reporting & Disclosure Obligations
Compliance Obligations

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.