Reporting basis and unit of measurementReporting basis and unit of measurement

Reporting basis and unit of measurement

Amounts in SRF 705.0 are to be reported as whole dollars, dollars and cents on a per member basis or percentages. Percentages are to be reported as an unconverted number to two or four decimal places as specified. For example, 12.34 per cent is to be reported as 0.1234 and 12.3456 per cent is to be reported as 0.123456.

Do not report in accordance with the Australian Accounting Standards when reporting in respect of each calendar quarter.

Whilst the information reported in respect of each calendar quarter is not required to be reported in accordance with the Australian Accounting Standards, an RSE licensee must ensure that the information reported in respect of the end of each quarter is the most accurate information the RSE licensee has available by the due date. This may, for example, include some fee and cost information provided to the RSE licensee after the end of the quarter. An RSE licensee will comply with the requirement to report the most accurate information available to it by the due date if they report the unit price or crediting rate as at the reporting date. Where the unit price or crediting rate has been required to be revised in accordance with the RSE licensee’s unit pricing or crediting rate policies, the RSE licensee must report that revised price or rate.

Where an RSE licensee is reporting in respect of an annual period ending 30 June, the valuation of any accrued amount must be undertaken in accordance with the Australian Accounting Standards. This means that an RSE licensee must report items on SRF 705.0 in respect of an annual period ending 30 June based on ‘hard close’ valuations, not ‘soft close’ valuations.

Items in SRF 705.0 must be reported as at the end of the reporting period, or with respect to transactions that occurred during the reporting period as specified.