Financial Sector (Collection of Data) (reporting standard) determination No. 35 of 2007 - DRS 300.0 - Statement of Financial Position
Reporting Form DRF 300.0Reporting Form DRF 300.0
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This form requires Discretionary Mutual Funds (DMFs) to report information about their assets, liability and capital. It should include:
Offshore operations or business
Associated entities and joint ventures.
Controlled entities
in relation to both discretionary and non discretionary business.
Level of reporting
For 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.
DMFs 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.
Reporting obligations
The company or the trustee of the 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.
Audit requirements
The 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.
Method of submission
Forms will be submitted electronically to APRA using ‘Direct to APRA’ (D2A) software unless alternative arrangements are made with APRA.
Definitions
Definitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific instructions’.
Basis of preparation
Accounting basis of preparation
Important: Report all items using the same recognition and measurement basis that is used in your audited 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, report on the basis used in your audited financial statements.
Part Reporting Form DRF 300.0 - Financial Sector (Collection of Data) (reporting standard) determination No. 35 of 2007 - DRS 300.0 - Statement of Financial Position - Reporting Form DRF 300.0 | Zoe
Unit of measurement
This 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.
Assets
Fair value of assets
Financial assets should be valued in accordance with AASB 132 Financial Instruments: Presentation (AASB 132) at fair value.
Liabilities
OCL is to be reported in accordance with DRF 210.0 Outstanding Claims Liabilities (DRF 210.0). All other liabilities are to be reported in accordance with applicable Australian Accounting Standards.
Netting
Unless otherwise specifically stated, DMFs can take advantage of netting agreements in relation to disclosure of data items in this form. DMFs are to comply with the prerequisite for netting outlined in Australian accounting standards notably AASB 7 Financial Instruments: Disclosures (AASB 7), AASB 139 Financial Instruments: Recognition and Measurement (AASB 139) and AASB 132.
Term to maturity
Reference to term to maturity refers to residual term to maturity not original term to maturity.
Related party/entity
Related party/entity is to be interpreted in accordance with AASB 124 Related Party Disclosures (AASB 124).
Parent entity is to be interpreted in accordance with AASB 127 Consolidated and Separate Financial Statements (AASB 127).
Subsidiaries are to be interpreted in accordance with AASB 127.
Associates are to be interpreted in accordance with AASB 128 Investments in Associates (AASB 128).
Joint ventures are to be interpreted in accordance with AASB 131 Interests in Joint Ventures (AASB 131).
Specific instructions
Assets
Current assets
Current assets are to be interpreted in accordance with the meaning provided in AASB 101 Presentation of Financial Statements (AASB 101).
1.1. Cash and cash equivalents
These items should be brought to account at the face value or the gross value of the outstanding balance where appropriate. Interest is taken to profit and loss when earned (refer to DRF 310.0 Statement of Financial Performance (DRF 310.0)).
1.1.1. Cash at bank and in hand
Includes notes and coins, overnight money, cash management trusts, and commercial paper.
1.1.2. Short term bank deposits
Include deposits available on demand (11am accounts, money market or 24-hour money), that are used by the DMF for daily liquidity/operations.
Do not include any deposits at call that are held as part of the DMF’s investments. These are to be disclosed as investments in item 3 of this form.
Do not include bank overdraft balances.
1.1.3. Total cash and cash equivalents
This is the sum of all cash and cash equivalents reporting items above.
1.2. Receivables
1.2.1. Contribution/deductible receivables
Report the total of contribution/deductible that is receivable from members.
1.2.1.1. Due
Report the outstanding balance of contribution/deductibles receivable from members.
1.2.1.2. Provision for doubtful debts
Report the value of contribution/deductible where collection is assessed as doubtful.
1.2.1.3. Net amount receivable
This is the value of contribution/deductibles receivable, net of any associated provision for doubtful debts.
1.2.2. Insurance and other recoveries outstanding
Report insurance and other recoveries outstanding. These include claims recoveries that may consist of recoveries from subrogation, salvage and other. Also include any recoveries due from Government under schemes and arrangements established in relation to DMF matters.
1.2.2.1. Due
Report outstanding balance of ‘Insurance and other recoveries outstanding’.
1.2.2.2. Provision for doubtful debts
Report the value of insurance and other recoveries outstanding where collection is assessed as doubtful.
1.2.2.3. Net amount receivable
This is the value of insurance and other recoveries outstanding, net of any associated provision for doubtful debts.
1.2.3. 1.2.3. Investment income receivable
Report the value of investment income receivable.
1.2.4. Calls and other receivables
1.2.4.1. Calls receivable
Report the value of calls receivable.
1.2.4.2. Other receivables
Report the value of other receivables
1.2.4.3. Calls and other receivables
Report the total value of calls and other receivables.
1.2.5. Total receivables
This is the total value of all receivables.
1.3. Investments
Report the value of investments which are designated as being current assets only. The non-current value of these investments is to be reported separately in item 2.2 of this form.
Note: derivative instruments that are used to hedge investments are not to be reported in item 1.3. The current value of derivative instruments are to be separately reported in item 1.5.3 of this form.
Any changes in the values at which such investments are measured must be recognised as revenues (or losses) in DRF 310.0 in the reporting period in which the changes occur.
1.4. Deferred tax assets
Report the value of all deferred tax assets.
1.5. Other assets
1.5.1. Deferred costs
Report the value of all deferred costs.
1.5.2. Prepaid expenses
Reflects payment for services not fully delivered (e.g. payments for subscriptions, rental, and interest expense).
1.5.3. Derivative financial instruments
Include all current asset derivatives consistent with the classification and measurement basis used for derivatives in accordance with AASB 7, AASB 132 and AASB 139.
1.5.4. Other
Report the value of any other asset that has not been reported elsewhere.
1.5.5. Total other assets
The sum of all other assets.
1.6. Total current assets
The sum of all current asset categories.
Non-current assets
Non-current assets are to be interpreted in accordance with the meaning provided in AASB 101.
Report the following items on a non-current basis using the instructions provided under ‘current assets’.
‘Receivables’ (item 2.1) – include ‘Contribution/deductible receivables’, ‘Insurance and other recoveries outstanding’ and ‘Other receivables’.
‘Investments’ (item 2.2)
‘Deferred tax assets’ (item 2.5)
‘Other assets’ (item 2.6).
All other non-current assets should be reported as follows:
2.3. Property, plant and equipment
2.3.1. Property, plant and equipment
This includes property, motor vehicles, office furniture and equipment, including computer equipment and software.
2.3.2. Accumulated depreciation/impairment
Report total depreciation and impairment for all property, plant and equipment items here.
2.3.3. Total property, plant and equipment net of depreciation/ impairment
Deduct depreciation/impairment from the gross values for property, plant and equipment.
2.4. Intangible assets
2.4.1. Intangible assets
Classification of assets as intangible assets must be in accordance with AASB 138 Intangible Assets.
2.4.2. Accumulated amortisation and impairment
Include the total amount of accumulated amortisation and impairment over the period from the date of acquisition to the end of the reporting period.
2.4.3. Intangible assets after amortisation and impairment
The sum of all intangible assets above net of amortisation and impairment.
2.7. Total non-current assets
The sum of all non-current assets.
Total assets
The sum of all current assets and total non-current assets.
Liabilities
Current liabilities
Current liabilities are to be interpreted in accordance with the meaning provided in AASB 101.
4.1. Trade and other payables
Report the total of trade and other payables.
4.2. Outstanding claims
This is the DMF’s liability for outstanding claims and recognises the potential cost to the DMF of settling claims which it has incurred at the reporting date but which have not been finalised. The amount reported is to be calculated in accordance with DRF 210.0.
4.3. Unearned contribution
Report the value of all unearned contribution.
4.4. Interest bearing liabilities
4.6.3. Finance lease liability
Report the value of finance lease liability to be payable in less than 12 months.
4.6.4. Other loans
Report all other loans not reported above.
4.6.5. Total borrowings
Is the sum of all borrowings.
4.5. Income tax liabilities
4.5.1. Current tax liabilities
Report the value of current tax liabilities.
4.5.2. Deferred tax liabilities
Report the value of deferred tax liabilities.
4.5.3. Total income tax liabilities
Is the sum of all income tax liabilities.
4.6. Provisions
4.6.1. Dividends/Distributions
Report all provisions raised for dividends/distributions.
4.6.2. Employee entitlements
This includes provisions for long service leave, annual leave, staff housing loan benefits, health fund subsidy and other employee entitlements. The value of employee entitlements should be measured and recognised in accordance with the requirements of AASB 119 Employee Benefits (AASB 119).
4.6.3. Other
Report all other provisions not reported above.
4.6.4. Total provisions
Is the sum of all provisions.
4.7. Other liabilities
4.7.1. Derivative financial instruments
Include all non-current asset derivatives consistent with the classification and measurement basis used for derivatives in accordance with AASB 7, AASB 132 and AASB 139.
4.7.2. Other
Report other current liabilities that are not reported elsewhere on the form.
4.7.3. Total other liabilities
Is the sum of all other liabilities.
4.8. Total current liabilities
Is the sum of all current liabilities.
Non-current liabilities
Non-current liabilities are to be interpreted in accordance with the meaning provided in AASB 101.
5.1.- 5.7. Non-current liabilities
Report on a non-current basis using the instructions provided for under ‘current liabilities’.
5.8. Total non-current liabilities
Is the sum of all non-current liabilities.
Total liabilities
The sum of all current liabilities and total non-current liabilities.
Net assets
Is the difference between ‘Total assets’ (item 3) and ‘Total liabilities’ (item 6).
Equity
8.1. Share capital
8.1.1. Fully paid up capital
Report value of all fully paid up capital.
8.1.2. Other capital
Include all other capital not reported above.
8.1.3. Total share capital
Is the sum of ‘Fully paid up capital’ and ‘Other capital’.
8.2. Reserves
8.2.1. Asset revaluation reserve
Report the value of asset revaluation reserve.
8.2.2. Other reserves
Include all reserves except asset revaluation reserve, for example general reserves and capital profits reserve. Report dividend reinvestment plan reserve in this reporting item.
8.2.3. Total reserves
Sum the reporting items listed under “Reserves”.
8.3. Retained profits/ Accumulated losses/ Undistributed income/loss at the end of the financial year
Represents the sum of opening balance of retained profits or accumulated losses at the beginning of the period plus current profit or loss after tax and extraordinary items for the reporting period and after any transfers to or from reserves.
8.4. Total equity
This represents the sum of ‘Total share capital’, ‘Total reserves’ and ‘Retained profits/Accumulated losses/Undistributed income/loss at the end of the financial year’.