{"id":"F2007L04920","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 37 of 2007 - DRS 310.1 - Gross Earned Contribution Revenue & Insurance Expense","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":71765,"registerId":"commonwealth-F2007L04920-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard DRS 310.1","sectionType":"part","heading":"Reporting Standard DRS 310.1","content":"## ![](image.001.png)\n\n## Reporting Standard DRS 310.1\n\n# Gross Earned Contribution Revenue and Insurance Expense\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide to APRA, on an annual basis, the Form DRF 310.1 Gross Earned Contribution Revenue and Insurance Expense.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form DRF 310.1 and the associated instructions (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Information collected in Form DRF 310.1 Gross Earned Contribution Revenue and Insurance Expenses (Form DRF 310.1) is used by APRA for the purpose of monitoring bodies in the finance sector.\n\n# Application and commencement\n\n2. This reporting standard applies to all DMF entities from 1 January 2008.\n\n# Information required\n\n3. A DMF entity must provide APRA with the information required by Form DRF 310.1, in respect of:\n\n(a) the DMF; and\n\n(b) in those cases where a DMF comprises a number of individual subfunds and each subfund has a distinct bank account and financial statement, each subfund\n\nfor each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form DRF 310.1 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\n5. Where the information is submitted by means of an agent to whom the DMF entity has outsourced the function of providing the information on the DMF entity’s behalf, the agent may only provide the information in accordance with paragraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 4(a).\n\nNote: the ‘Direct to APRA’ software and relevant forms is obtained from APRA.\n\nReporting periods and due dates\n\n6. A DMF entity must provide the information required by this reporting standard in respect of each year of income of the DMF.\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular DMF entity to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it necessary or desirable to obtain information more frequently); or\n\n(b) less frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it unnecessary to require the DMF entity to provide the information as frequently as provided by paragraph 6).\n\n8. The information must be provided to APRA:\n\n(a) if the end of the year of income of the DMF falls between 1 January 2008 and 30 June 2008, inclusive – by no later than 30 October 2008; or\n\n(b) if the end of the year of income of the DMF falls after 30 June 2008 –within 4 months after the end of that year of income of the reporting period to which it relates.\n\n9. APRA may grant an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n10. The information provided under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n11. If the officer of a DMF entity provides the information required by this reporting standard under paragraph 4, then:\n\n(a) if the officer uses the ‘Direct to APRA’ application under paragraph 4(a), an officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers who have authority from the DMF entity to transmit data to APRA); and\n\n(b) if the DMF entity provides the information on paper under paragraph 4(b), the completed form must be signed by an officer of the DMF entity who is authorised by the DMF entity to complete and lodge the form.\n\n12. If the DMF entity provides the information required by this reporting standard through an agent under paragraph 5, then:\n\n(a) the agent will not be required to sign or authorise the information; but\n\n(b) the DMF entity must:\n\n(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was submitted electronically or in paper form); and\n\n(ii) cause the paper copy to be signed by an officer of the DMF entity authorised by the DMF entity to sign the paper copy; and\n\n(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the DMF entity; or\n\n(b) the Chief Financial Officer of the DMF entity (whatever his or her official title may be); or\n\n(c) the trustee.\n\n# Minor alterations to form and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n15. If APRA makes such a variation it must notify in writing each DMF entity that is required to report under this reporting standard.\n\nInterpretation\n\n16. In this reporting standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nDMF has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;\n\ndue date means the relevant due date under paragraph 8 or, if applicable, paragraph 9;\n\nDMF entity is a person or body that controls a DMF, and may include any of the following:\n\n(a) a [body corporate](s1276.html#body_corporate);\n\n(b) a partnership;\n\n(c) an unincorporated [body](s9.html#body);\n\n(d) an individual;\n\n(e) for a trust that has only one trustee – the trustee;\n\n(f) for a trust that has more than one trustee – the trustees together\n\nofficer in relation to a [DMF](s9.html#corporation) entity means, where relevant:\n\n(a) a [director](s9.html#director) or secretary of the [entity](s9.html#corporation); or\n\n(b) a [person](s9.html#person):\n\n(i) who makes, or participates in making, [decisions](s1317a.html#decision) that affect the whole, or a [substantial part](s9.html#substantial_part), of the business of the [entity](s9.html#corporation); or\n\n(ii) who has the capacity to affect significantly the entity’s financial standing.\n\nreporting period means a reporting period mentioned in paragraph 6 or, if applicable, paragraph 7;\n\nyear of income means the financial year of the DMF.","sortOrder":0},{"sectionNumber":"Gross Earned Contribution Revenue and In","sectionType":"part","heading":"Gross Earned Contribution Revenue and Insurance Expense","content":"# Gross Earned Contribution Revenue and Insurance Expense\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide to APRA, on an annual basis, the Form DRF 310.1 Gross Earned Contribution Revenue and Insurance Expense.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form DRF 310.1 and the associated instructions (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Information collected in Form DRF 310.1 Gross Earned Contribution Revenue and Insurance Expenses (Form DRF 310.1) is used by APRA for the purpose of monitoring bodies in the finance sector.\n\n# Application and commencement\n\n2. This reporting standard applies to all DMF entities from 1 January 2008.\n\n# Information required\n\n3. A DMF entity must provide APRA with the information required by Form DRF 310.1, in respect of:\n\n(a) the DMF; and\n\n(b) in those cases where a DMF comprises a number of individual subfunds and each subfund has a distinct bank account and financial statement, each subfund\n\nfor each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form DRF 310.1 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\n5. Where the information is submitted by means of an agent to whom the DMF entity has outsourced the function of providing the information on the DMF entity’s behalf, the agent may only provide the information in accordance with paragraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 4(a).\n\nNote: the ‘Direct to APRA’ software and relevant forms is obtained from APRA.\n\nReporting periods and due dates\n\n6. A DMF entity must provide the information required by this reporting standard in respect of each year of income of the DMF.\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular DMF entity to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it necessary or desirable to obtain information more frequently); or\n\n(b) less frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it unnecessary to require the DMF entity to provide the information as frequently as provided by paragraph 6).\n\n8. The information must be provided to APRA:\n\n(a) if the end of the year of income of the DMF falls between 1 January 2008 and 30 June 2008, inclusive – by no later than 30 October 2008; or\n\n(b) if the end of the year of income of the DMF falls after 30 June 2008 –within 4 months after the end of that year of income of the reporting period to which it relates.\n\n9. APRA may grant an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n10. The information provided under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n11. If the officer of a DMF entity provides the information required by this reporting standard under paragraph 4, then:\n\n(a) if the officer uses the ‘Direct to APRA’ application under paragraph 4(a), an officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers who have authority from the DMF entity to transmit data to APRA); and\n\n(b) if the DMF entity provides the information on paper under paragraph 4(b), the completed form must be signed by an officer of the DMF entity who is authorised by the DMF entity to complete and lodge the form.\n\n12. If the DMF entity provides the information required by this reporting standard through an agent under paragraph 5, then:\n\n(a) the agent will not be required to sign or authorise the information; but\n\n(b) the DMF entity must:\n\n(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was submitted electronically or in paper form); and\n\n(ii) cause the paper copy to be signed by an officer of the DMF entity authorised by the DMF entity to sign the paper copy; and\n\n(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the DMF entity; or\n\n(b) the Chief Financial Officer of the DMF entity (whatever his or her official title may be); or\n\n(c) the trustee.\n\n# Minor alterations to form and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n15. If APRA makes such a variation it must notify in writing each DMF entity that is required to report under this reporting standard.\n\nInterpretation\n\n16. In this reporting standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nDMF has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;\n\ndue date means the relevant due date under paragraph 8 or, if applicable, paragraph 9;\n\nDMF entity is a person or body that controls a DMF, and may include any of the following:\n\n(a) a [body corporate](s1276.html#body_corporate);\n\n(b) a partnership;\n\n(c) an unincorporated [body](s9.html#body);\n\n(d) an individual;\n\n(e) for a trust that has only one trustee – the trustee;\n\n(f) for a trust that has more than one trustee – the trustees together\n\nofficer in relation to a [DMF](s9.html#corporation) entity means, where relevant:\n\n(a) a [director](s9.html#director) or secretary of the [entity](s9.html#corporation); or\n\n(b) a [person](s9.html#person):\n\n(i) who makes, or participates in making, [decisions](s1317a.html#decision) that affect the whole, or a [substantial part](s9.html#substantial_part), of the business of the [entity](s9.html#corporation); or\n\n(ii) who has the capacity to affect significantly the entity’s financial standing.\n\nreporting period means a reporting period mentioned in paragraph 6 or, if applicable, paragraph 7;\n\nyear of income means the financial year of the DMF.","sortOrder":1},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide to APRA, on an annual basis, the Form DRF 310.1 Gross Earned Contribution Revenue and Insurance Expense.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form DRF 310.1 and the associated instructions (which are attached and form part of this reporting standard).","sortOrder":2},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Information collected in Form DRF 310.1 Gross Earned Contribution Revenue and Insurance Expenses (Form DRF 310.1) is used by APRA for the purpose of monitoring bodies in the finance sector.","sortOrder":3},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all DMF entities from 1 January 2008.","sortOrder":4},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. A DMF entity must provide APRA with the information required by Form DRF 310.1, in respect of:\n\n(a) the DMF; and\n\n(b) in those cases where a DMF comprises a number of individual subfunds and each subfund has a distinct bank account and financial statement, each subfund\n\nfor each reporting period.","sortOrder":5},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form DRF 310.1 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\n5. Where the information is submitted by means of an agent to whom the DMF entity has outsourced the function of providing the information on the DMF entity’s behalf, the agent may only provide the information in accordance with paragraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 4(a).\n\nNote: the ‘Direct to APRA’ software and relevant forms is obtained from APRA.\n\nReporting periods and due dates\n\n6. A DMF entity must provide the information required by this reporting standard in respect of each year of income of the DMF.\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular DMF entity to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it necessary or desirable to obtain information more frequently); or\n\n(b) less frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it unnecessary to require the DMF entity to provide the information as frequently as provided by paragraph 6).\n\n8. The information must be provided to APRA:\n\n(a) if the end of the year of income of the DMF falls between 1 January 2008 and 30 June 2008, inclusive – by no later than 30 October 2008; or\n\n(b) if the end of the year of income of the DMF falls after 30 June 2008 –within 4 months after the end of that year of income of the reporting period to which it relates.\n\n9. APRA may grant an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":6},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n10. The information provided under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":7},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n11. If the officer of a DMF entity provides the information required by this reporting standard under paragraph 4, then:\n\n(a) if the officer uses the ‘Direct to APRA’ application under paragraph 4(a), an officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers who have authority from the DMF entity to transmit data to APRA); and\n\n(b) if the DMF entity provides the information on paper under paragraph 4(b), the completed form must be signed by an officer of the DMF entity who is authorised by the DMF entity to complete and lodge the form.\n\n12. If the DMF entity provides the information required by this reporting standard through an agent under paragraph 5, then:\n\n(a) the agent will not be required to sign or authorise the information; but\n\n(b) the DMF entity must:\n\n(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was submitted electronically or in paper form); and\n\n(ii) cause the paper copy to be signed by an officer of the DMF entity authorised by the DMF entity to sign the paper copy; and\n\n(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the DMF entity; or\n\n(b) the Chief Financial Officer of the DMF entity (whatever his or her official title may be); or\n\n(c) the trustee.","sortOrder":8},{"sectionNumber":"Minor alterations to form and instructio","sectionType":"part","heading":"Minor alterations to form and instructions","content":"# Minor alterations to form and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n15. If APRA makes such a variation it must notify in writing each DMF entity that is required to report under this reporting standard.\n\nInterpretation\n\n16. In this reporting standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nDMF has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;\n\ndue date means the relevant due date under paragraph 8 or, if applicable, paragraph 9;\n\nDMF entity is a person or body that controls a DMF, and may include any of the following:\n\n(a) a [body corporate](s1276.html#body_corporate);\n\n(b) a partnership;\n\n(c) an unincorporated [body](s9.html#body);\n\n(d) an individual;\n\n(e) for a trust that has only one trustee – the trustee;\n\n(f) for a trust that has more than one trustee – the trustees together\n\nofficer in relation to a [DMF](s9.html#corporation) entity means, where relevant:\n\n(a) a [director](s9.html#director) or secretary of the [entity](s9.html#corporation); or\n\n(b) a [person](s9.html#person):\n\n(i) who makes, or participates in making, [decisions](s1317a.html#decision) that affect the whole, or a [substantial part](s9.html#substantial_part), of the business of the [entity](s9.html#corporation); or\n\n(ii) who has the capacity to affect significantly the entity’s financial standing.\n\nreporting period means a reporting period mentioned in paragraph 6 or, if applicable, paragraph 7;\n\nyear of income means the financial year of the DMF.","sortOrder":9},{"sectionNumber":"Reporting Form DRF 310.1","sectionType":"part","heading":"Reporting Form DRF 310.1","content":"## Reporting Form DRF 310.1\n\n# Gross Earned Contribution Revenue and Insurance Expense\n\n# Instruction Guide\n\nIntroduction\n\nThis form requires Discretionary Mutual Funds (DMFs) to disclose information about its gross earned contribution revenue and insurance expense by class of business for each state or territory of Australia and international, which supports the amounts reported in DRF 310.0 Statement of Financial Performance (DRF 310.0). Report only discretionary business revenue.\n\nLevel of reporting\n\nFor the purposes of the instructions below the term DMF includes reporting at the legal entity or trust or subfund level. The same level of reporting must be used throughout this form.\n\nDMFs will generally need to submit data at the legal entity or trust level. Some DMFs, however, operate with multiple subfunds and in those cases where the DMF has separate sub fund bank accounts and sub fund financial statements, this reporting form will need to be submitted for each sub fund. For example, if an entity has 2 subfunds: subfund A and subfund B. Subfund A and also subfund B will need to complete this reporting form.\n\nReporting obligations\n\nThe DMF is required to report information relating to a financial year in the forms. For financial years ending on or between 1 January 2008 and 30 June 2008 DMFs must lodge this form at the latest by 30 October 2008. For financial years ending after 30 June 2008 DMFs must lodge their reporting forms at the latest by 4 months after the DMF financial year end.\n\nAudit requirements\n\nThe reporting form does not need to be audited. However the data should be based on the DMF’s financial statements and must be subject to the same processes and controls that cover the review and authorisation of that accounting data. It is the responsibility of the board or trustee or senior management of the DMF to ensure that the information lodged with APRA is accurate and complete.\n\nMethod of submission\n\nForms will be submitted electronically to APRA using ‘Direct to APRA’ (D2A) software unless alternative arrangements are made with APRA.\n\nBasis of preparation\n\nAccounting basis of preparation\n\nImportant: Report all items using the same recognition and measurement basis that is used in your financial statements. The instructions below are specific to entities that are reporting and complying with all applicable Australian Accounting Standards. In those instances where an entity does not comply with a AASB standard specifically identified below, it should report on the basis used in its financial statements.\n\nThe total contribution revenue and total insurance expense reported in this form must equal the corresponding items reported in DRF 310.0.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal places. Amounts denominated in a currency other than Australian currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nSpecific instructions\n\n1.  Class of business\n\nPlease refer to Appendix 1 for more information about the classes of business.\n\n2-10. Gross earned contribution revenue - by State/Territory/International and class of business\n\nReport amounts of gross earned contribution revenue for the following: NSW (2), VIC (3), QLD (4), SA (5), WA (6), TAS (7), ACT (8), NT (9) and International (10). The total for all classes of business will be calculated for each column.\n\n11. Total \\- by class of business\n\n‘Total’ by class of business discloses the total gross earned contribution revenue (items 2 to 10) according to class of business.\n\nThe grand total of ‘Gross earned contribution revenue’ (sum of all states and all classes) should be equal to the line item ‘Gross earned contribution revenue’ reported in DRF 310.0.\n\nThese amounts are automatically calculated by the form.\n\n12. Insurance expense\n\n‘Insurance expense’ by class of business discloses the insurance expense of the DMF according to class of business.\n\nThe grand total of ‘Insurance expense’ (sum of all states and all classes) should be equal to the line item ‘Outwards insurance expense’ reported in DRF 310.0.\n\n13. Contributions received on a cashflow basis\n\nThis is the amount of contribution revenue actually received in cash over the financial year. It is to be reported in aggregate for total business.\n\nTotal – Gross earned contribution revenue (of which is from/with related parties):\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report the amount which is from/with the following related parties:\n\nRelated party disclosure\n\nRelated party/entity is to be interpreted in accordance with AASB 124 Related Party Disclosures.\n\nParent entity is to be interpreted in accordance with AASB 127 Consolidated and Separate Financial Statements (AASB 127).\n\nSubsidiaries are to be interpreted in accordance with AASB 127.\n\nAssociates are to be interpreted in accordance with AASB 128 Investments in Associates.\n\nJoint ventures are to be interpreted in accordance with AASB 131 Interests in Joint Ventures.\n\nParent entity\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from the parent entity.\n\nControlled entities/Controlled entities of the parent\n\nFor entities with parents, ‘Controlled entities/Controlled entities of the parent entity’ is to be interpreted as amounts in relation to ‘Controlled entities of the parent entity’. ‘Controlled entities’ is in relation to the reporting entity.\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from these parties.\n\nAssociates\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from Associates.\n\nOther related entities\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from any other entity related to the DMF that are not specifically identified above.\n\nAppendix 1: Definitions of classes of business\n\nThe classes of cover are as follows:\n\n(I) Houseowners/Householders (H & H)\n\nThis class includes:\n\n-   Contents;\n\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products is to be separated and included in public and product liability class of business – item (XII).\n\n(II) Commercial motor vehicle\n\nMotor vehicle cover (including third party property damage) other than cover covering vehicles defined below under domestic motor vehicle. It includes long and medium haul trucks, cranes and special vehicles and cover for fleets.\n\n(III) Domestic motor vehicle\n\nMotor vehicle cover (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial cover.\n\n(IV) Travel\n\nCover against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V) Fire and Industrial Special Risks (ISR)\n\nFire - Includes all cover normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire cover, e.g. flood.\n\nISR - Business cover which typically covers:\n\n-   Material damage - physical damage to property and assets\n\n-   Money/Crime - handling of cash, and internal crime\n\n-   Theft/Burglary - external crime of all sorts\n-   Liability - both public (damage to third parties) and product (recall of items)\n-   Business interruption - this covers the loss of profits due to a variety of external reasons.\n\nWhen an organisation has a turnover which is substantial (as an example over $5 million) this business is covered under Industrial Special Risks (ISR) cover. Below that value, it is typically placed under a Business Pack cover which arguably is much simpler, but typically does not offer as wide a cover The ISR cover is a base contract which has been designed to be tailored to meet the individual needs of a business and this is done by way of endorsement.\n\n(VI) Marine\n\nIncludes marine hull (including pleasure craft), marine cargo (including sea and inland transit cover).\n\n(VII) Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII) Mortgage\n\nCover against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX) Consumer credit\n\nCover to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X) Other accident\n\nIncludes the following types of cover:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n-   Engineering when not part of ISR or fire cover;\n-   Plate glass when not part of packaged cover (e.g. houseowners /householders)\n-   Guarantee;\n-   Live stock;\n-   Pluvius; and\n\n-   Sickness and accident (which provides stated benefits where the beneficiary is killed or suffers loss of specific parts of the body or is prevented from carrying out the beneficiaries normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability cover is considered to be life cover).\n\n(XI) Other\n\nAll other cover not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity guarantee)\n-   Trade credit;\n-   Extended warranty (includes cover by a third party for a period in excess of the manufacturer's or seller’s normal warranty;\n-   Kidnap and ransom; and\n-   Contingency.\n\n(XII) Public and product liability\n\nPublic liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the member’s business. Product liability includes cover that provides for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by fire and ISR cover.\n\nAlso will include builders warranty cover.\n\nIncludes public liability attaching to houseowners/householders cover.\n\n(XIII) Professional indemnity (PI)\n\nIncludes Directors' and Officers' liability cover plus legal expense cover. Cover for legal expense is generally included in this type of cover.\n\n(XI) Life and continuous disability\n\nIncludes life and continuous disability cover.\n\nContinuous disability is cover:\n\n(a) that is, by its terms, to be of more than 3 years' duration; and\n\n(b) under which a benefit may be payable in the event of:\n\n(i) the death, by accident or by some other cause stated in the cover, of the person whose life is covered; or\n\n(ii) injury or disability as a result of accident or sickness; or\n\n(iii) the person covered being found to have a stated condition or disease.","sortOrder":10},{"sectionNumber":"Instruction Guide","sectionType":"part","heading":"Instruction Guide","content":"# Instruction Guide\n\nIntroduction\n\nThis form requires Discretionary Mutual Funds (DMFs) to disclose information about its gross earned contribution revenue and insurance expense by class of business for each state or territory of Australia and international, which supports the amounts reported in DRF 310.0 Statement of Financial Performance (DRF 310.0). Report only discretionary business revenue.\n\nLevel of reporting\n\nFor the purposes of the instructions below the term DMF includes reporting at the legal entity or trust or subfund level. The same level of reporting must be used throughout this form.\n\nDMFs will generally need to submit data at the legal entity or trust level. Some DMFs, however, operate with multiple subfunds and in those cases where the DMF has separate sub fund bank accounts and sub fund financial statements, this reporting form will need to be submitted for each sub fund. For example, if an entity has 2 subfunds: subfund A and subfund B. Subfund A and also subfund B will need to complete this reporting form.\n\nReporting obligations\n\nThe DMF is required to report information relating to a financial year in the forms. For financial years ending on or between 1 January 2008 and 30 June 2008 DMFs must lodge this form at the latest by 30 October 2008. For financial years ending after 30 June 2008 DMFs must lodge their reporting forms at the latest by 4 months after the DMF financial year end.\n\nAudit requirements\n\nThe reporting form does not need to be audited. However the data should be based on the DMF’s financial statements and must be subject to the same processes and controls that cover the review and authorisation of that accounting data. It is the responsibility of the board or trustee or senior management of the DMF to ensure that the information lodged with APRA is accurate and complete.\n\nMethod of submission\n\nForms will be submitted electronically to APRA using ‘Direct to APRA’ (D2A) software unless alternative arrangements are made with APRA.\n\nBasis of preparation\n\nAccounting basis of preparation\n\nImportant: Report all items using the same recognition and measurement basis that is used in your financial statements. The instructions below are specific to entities that are reporting and complying with all applicable Australian Accounting Standards. In those instances where an entity does not comply with a AASB standard specifically identified below, it should report on the basis used in its financial statements.\n\nThe total contribution revenue and total insurance expense reported in this form must equal the corresponding items reported in DRF 310.0.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal places. Amounts denominated in a currency other than Australian currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nSpecific instructions\n\n1.  Class of business\n\nPlease refer to Appendix 1 for more information about the classes of business.\n\n2-10. Gross earned contribution revenue - by State/Territory/International and class of business\n\nReport amounts of gross earned contribution revenue for the following: NSW (2), VIC (3), QLD (4), SA (5), WA (6), TAS (7), ACT (8), NT (9) and International (10). The total for all classes of business will be calculated for each column.\n\n11. Total \\- by class of business\n\n‘Total’ by class of business discloses the total gross earned contribution revenue (items 2 to 10) according to class of business.\n\nThe grand total of ‘Gross earned contribution revenue’ (sum of all states and all classes) should be equal to the line item ‘Gross earned contribution revenue’ reported in DRF 310.0.\n\nThese amounts are automatically calculated by the form.\n\n12. Insurance expense\n\n‘Insurance expense’ by class of business discloses the insurance expense of the DMF according to class of business.\n\nThe grand total of ‘Insurance expense’ (sum of all states and all classes) should be equal to the line item ‘Outwards insurance expense’ reported in DRF 310.0.\n\n13. Contributions received on a cashflow basis\n\nThis is the amount of contribution revenue actually received in cash over the financial year. It is to be reported in aggregate for total business.\n\nTotal – Gross earned contribution revenue (of which is from/with related parties):\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report the amount which is from/with the following related parties:\n\nRelated party disclosure\n\nRelated party/entity is to be interpreted in accordance with AASB 124 Related Party Disclosures.\n\nParent entity is to be interpreted in accordance with AASB 127 Consolidated and Separate Financial Statements (AASB 127).\n\nSubsidiaries are to be interpreted in accordance with AASB 127.\n\nAssociates are to be interpreted in accordance with AASB 128 Investments in Associates.\n\nJoint ventures are to be interpreted in accordance with AASB 131 Interests in Joint Ventures.\n\nParent entity\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from the parent entity.\n\nControlled entities/Controlled entities of the parent\n\nFor entities with parents, ‘Controlled entities/Controlled entities of the parent entity’ is to be interpreted as amounts in relation to ‘Controlled entities of the parent entity’. ‘Controlled entities’ is in relation to the reporting entity.\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from these parties.\n\nAssociates\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from Associates.\n\nOther related entities\n\nOf the grand total ‘Gross earned contribution revenue’ (sum of all states and all classes), report amounts that are with/from any other entity related to the DMF that are not specifically identified above.\n\nAppendix 1: Definitions of classes of business\n\nThe classes of cover are as follows:\n\n(I) Houseowners/Householders (H & H)\n\nThis class includes:\n\n-   Contents;\n\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products is to be separated and included in public and product liability class of business – item (XII).\n\n(II) Commercial motor vehicle\n\nMotor vehicle cover (including third party property damage) other than cover covering vehicles defined below under domestic motor vehicle. It includes long and medium haul trucks, cranes and special vehicles and cover for fleets.\n\n(III) Domestic motor vehicle\n\nMotor vehicle cover (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial cover.\n\n(IV) Travel\n\nCover against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V) Fire and Industrial Special Risks (ISR)\n\nFire - Includes all cover normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire cover, e.g. flood.\n\nISR - Business cover which typically covers:\n\n-   Material damage - physical damage to property and assets\n\n-   Money/Crime - handling of cash, and internal crime\n\n-   Theft/Burglary - external crime of all sorts\n-   Liability - both public (damage to third parties) and product (recall of items)\n-   Business interruption - this covers the loss of profits due to a variety of external reasons.\n\nWhen an organisation has a turnover which is substantial (as an example over $5 million) this business is covered under Industrial Special Risks (ISR) cover. Below that value, it is typically placed under a Business Pack cover which arguably is much simpler, but typically does not offer as wide a cover The ISR cover is a base contract which has been designed to be tailored to meet the individual needs of a business and this is done by way of endorsement.\n\n(VI) Marine\n\nIncludes marine hull (including pleasure craft), marine cargo (including sea and inland transit cover).\n\n(VII) Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII) Mortgage\n\nCover against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX) Consumer credit\n\nCover to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X) Other accident\n\nIncludes the following types of cover:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n-   Engineering when not part of ISR or fire cover;\n-   Plate glass when not part of packaged cover (e.g. houseowners /householders)\n-   Guarantee;\n-   Live stock;\n-   Pluvius; and\n\n-   Sickness and accident (which provides stated benefits where the beneficiary is killed or suffers loss of specific parts of the body or is prevented from carrying out the beneficiaries normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability cover is considered to be life cover).\n\n(XI) Other\n\nAll other cover not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity guarantee)\n-   Trade credit;\n-   Extended warranty (includes cover by a third party for a period in excess of the manufacturer's or seller’s normal warranty;\n-   Kidnap and ransom; and\n-   Contingency.\n\n(XII) Public and product liability\n\nPublic liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the member’s business. Product liability includes cover that provides for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by fire and ISR cover.\n\nAlso will include builders warranty cover.\n\nIncludes public liability attaching to houseowners/householders cover.\n\n(XIII) Professional indemnity (PI)\n\nIncludes Directors' and Officers' liability cover plus legal expense cover. Cover for legal expense is generally included in this type of cover.\n\n(XI) Life and continuous disability\n\nIncludes life and continuous disability cover.\n\nContinuous disability is cover:\n\n(a) that is, by its terms, to be of more than 3 years' duration; and\n\n(b) under which a benefit may be payable in the event of:\n\n(i) the death, by accident or by some other cause stated in the cover, of the person whose life is covered; or\n\n(ii) injury or disability as a result of accident or sickness; or\n\n(iii) the person covered being found to have a stated condition or disease.","sortOrder":12}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2439},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is the original 2007 reporting standard establishing annual reporting requirements for DMFs. The scope remains focused on collecting gross earned contribution revenue and insurance expense data by geographic location and business class for prudential monitoring purposes."},"complexity_factors":["14 distinct classes of business requiring specific categorisation of insurance products with detailed definitional boundaries","Cross-references to 5 different Australian Accounting Standards (AASB 121, 124, 127, 128, 131)","Requirement to reconcile reported totals with separate form DRF 310.0 (Statement of Financial Performance)","Dual submission methods (electronic and paper) with differing authorisation and signature requirements","Subfund-level reporting obligations triggered by specific accounting arrangements (separate bank accounts and financial statements)","Detailed related party disclosure requirements requiring identification of parent entities, controlled entities, associates, and joint ventures"],"plain_english_summary":"This standard requires entities that control Discretionary Mutual Funds (including separate subfunds) to annually report DMF income, cash contributions, insurance costs and related‑party transactions to APRA, classified across 14 insurance classes.  \n\nReturns (Form DRF 310.1) must be submitted electronically (or by paper only if electronic impossible) within four months of year‑end, internally reviewed and signed by a senior officer. APRA uses the data to monitor DMF financial health and activities."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The text sets the reporting scope as applying to all DMF entities (and subfunds where applicable) from 1 January 2008. The instrument itself does not state any change from a prior scope; it establishes initial coverage and permits APRA to vary reporting frequency for particular entities (para 2; paras 6–7)."},"complexity_factors":["Multiple submission paths and authorisation rules: electronic digital-signature requirements and paper-signatory rules, plus special agent procedures (paras 4, 5, 11–13).","Reporting unit and granularity: reporting required at DMF level and, where subfunds have distinct accounts/statements, at each subfund level (para 3; Instructions: Level of reporting).","Timing rules with APRA discretion: fixed due dates for 2008 transitional year and standard 4-month deadline thereafter, plus APRA power to change frequency for particular entities (paras 8, 6–7).","Data consistency and cross‑checks: totals must reconcile to DRF 310.0 and follow AASB measurement/recognition and foreign‑currency rules (Instructions: Basis of preparation; AASB 121; relation to DRF 310.0).","Quality-control and accountability: obligation on the DMF to maintain internal policies/procedures and board/trustee/senior management responsibility for accuracy (para 10; Instructions: Audit requirements).","Detailed content and classifications: form requires state/territory and international breakdowns, class-of-business coding, contributions on cashflow basis, and related‑party breakdowns with AASB cross‑references (Instructions; Appendix 1).","Minor amendment power: APRA may make non‑substantive changes to forms/instructions but must notify affected DMFs (paras 14–15).","Operational conversion/format rules: reporting in AUD rounded to thousands and conversion under AASB 121 (Instructions: Unit of measurement)."],"plain_english_summary":"This instrument requires every Discretionary Mutual Fund (DMF) entity to submit Form DRF 310.1 to APRA each year reporting gross earned contribution revenue and insurance expense (applies to the DMF and, where relevant, each subfund). Submissions must use APRA’s ‘Direct to APRA’ electronic system or a signed paper form; due dates are specified and APRA may change the reporting frequency for particular DMFs. The data must align with the DMF’s financial statements and relevant AASB standards and is used by APRA to monitor finance-sector bodies."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-37-of-2007-drs-310-1-gross-e/documents"}}