{"id":"F2015L00813","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2015 - SRS 320.1 - Statement of Financial Position","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128606,"registerId":"commonwealth-F2015L00813-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":0},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n2. Information collected in Form SRF 320.1 Statement of Financial Position (SRF 320.1) is used by APRA for the purposes of prudential supervision and publication.","sortOrder":1},{"sectionNumber":"Application and commencement","sectionType":"division","heading":"Application and commencement","content":"### Application and commencement\n\n3. This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each sub-fund within its business operations.[\\[1\\]](#_ftn1)\n\n4. This Reporting Standard applies for reporting periods ending on or after 1 July 2015.","sortOrder":2},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 320.1 in respect of each reporting period.","sortOrder":3},{"sectionNumber":"Forms and method of submission","sectionType":"division","heading":"Forms and method of submission","content":"### Forms and method of submission\n\n6. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA, in writing, prior to submission.\n\nNote: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.","sortOrder":4},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n7. Subject to paragraph 8, an RSE licensee to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each year of income of each RSE within which a sub-fund is located.\n\n8. If, having regard to the particular circumstances of a sub-fund, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing, change the reporting periods for the particular sub-fund.\n\n9. The information required by this Reporting Standard must be provided to APRA:\n\n(a) within three months after the end of the year of income to which the information relates; and\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more sub-funds within its business operations, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":5},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n11. The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE within which the sub-fund, to which the information relates, is located.[\\[2\\]](#_ftn2) This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of SPS 310.\n\n12. All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.","sortOrder":6},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n13. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using the ‘Direct to APRA’ software, it will be necessary for the officer or agent to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. If the information required by this Reporting Standard is provided by an agent who submits using the ‘Direct to APRA’ software on the RSE licensee’s behalf, the RSE licensee must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n15. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, on behalf of, the RSE licensee must be authorised by either:\n\n(a) the Chief Executive Officer of the RSE licensee; or\n\n(b) the Chief Financial Officer of the RSE licensee.","sortOrder":7},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n16. APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 320.1 in relation to that RSE licensee or one or more sub-funds within that RSE licensee’s business operations.","sortOrder":8},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n17. In this Reporting Standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nChief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[\\[3\\]](#_ftn3);\n\nChief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;\n\ndue date means the relevant date under paragraph 9 or, if applicable, paragraph 10;\n\nreporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;\n\nRSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;\n\nRSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;\n\nRSE licensee has the meaning given in section 10(1) of the SIS Act;\n\nSIS Act means Superannuation Industry (Supervision) Act 1993;\n\nsub-fund means a defined benefit sub-fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters; and\n\nyear of income has the meaning given in section 10(1) of the SIS Act.","sortOrder":9}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument does not expand the class of entities required to report: it applies to RSE licensees in respect of their sub‑funds and specifies reporting mechanics, timing and assurance requirements (paras 3, 5, 7). It does, however, grants APRA administrative discretion to alter reporting frequency or vary requirements for particular sub‑funds or licensees (paras 8, 16), which affects how the scope is applied in practice but does not alter the statutory reach."},"complexity_factors":["Mandatory electronic submission via APRA's 'Direct to APRA' system or an APRA‑notified alternative raises IT/process requirements (para 6).","Annual reporting keyed to each RSE's year of income, with APRA discretion to change frequency for particular sub‑funds (paras 7–9, 8).","Auditor review and testing obligations require annual or more frequent assurance work and at least a limited assurance engagement consistent with professional standards (para 11(a)–(b)).","Internal systems, processes, board and senior management responsibilities for authorisation increase governance and compliance burdens (para 12).","Digital signing and authorised submitter rules require certificate management and formal delegations from CEO or CFO (paras 13–15).","APRA may vary reporting requirements for specific RSE licensees or sub‑funds, introducing regulatory discretion and potential case‑by‑case differences (para 16).","Cross‑references to other statutes and prudential standards (SIS Act, SPS 160, SPS 310) create interpretive dependencies for scope and definitions (para 17).","Provisions for extensions and notice periods (para 10) add administrative processes for timeframes and exemptions."],"plain_english_summary":"Requires each registrable superannuation entity to submit an annual electronic Statement of Financial Position (Form SRF 320.1) for each sub‑fund, and sets the submission method, due dates, auditor review/testing, internal controls and authorisation rules. *APRA will use the data for prudential supervision and publication and may vary reporting frequency or requirements for particular sub‑funds.*"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This determination appears tightly scoped to its original purpose: establishing reporting requirements for superannuation fund financial positions. The scope remains limited to RSE licensees and their defined benefit sub-funds, with no evident expansion into unrelated areas."},"complexity_factors":["11 defined terms in the interpretation section (section 17)","Cross-references to external legislation: Financial Sector (Collection of Data) Act 2001, Australian Prudential Regulation Authority Act 1998, Superannuation Industry (Supervision) Act 1993, and Prudential Standard SPS 160","Cross-reference to professional auditing standards (Auditing and Assurance Standards Board guidance)","Conditional reporting periods in paragraphs 7-8 with override power for APRA","Nested authorisation requirements: digital signatures required, with specific officer approval chains (CEO or CFO only)","Multiple exception/override clauses allowing APRA to vary requirements by written notice (paragraphs 8, 10, 16)"],"plain_english_summary":"This rule requires RSE licensees running defined‑benefit sub‑funds to submit an annual SRF 320.1 financial‑position report to APRA within three months of year‑end, filed electronically via APRA’s D2A system and signed by the CEO/CFO or authorised agents.  \n\nReports must be supported by independent auditor checks of reporting systems. The data lets APRA supervise fund solvency and publish aggregated industry statistics, improving transparency and early detection of financial stress."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-7-of-2015-srs-320-1-statemen/documents"}}