Part Statement of Financial Position - Financial Sector (Collection of Data) (reporting standard) determination No. 36 of 2018 - Statement of Financial Position | Zoe
Financial Sector (Collection of Data) (reporting standard) determination No. 36 of 2018
Statement of Financial PositionStatement of Financial Position
Start here
Get a plain-English read of Statement of Financial Position
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 36 of 2018.
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 and outlines the overall requirements for the provision of information to APRA relating to a registered entity’s statement of financial position.
Subject to what follows, it requires a registered entity that had total assets of $50 million or more at the end of the most recent complete financial year at the time of reporting, to give APRA monthly statements of financial position.
It also provides that if there are two or more registered entities of the same category[1] in a group of related bodies corporate (e.g. two or more money market corporations in the group), and the combined value of their total assets was $50 million or more at the end of the most recent complete financial year, one of them must give APRA monthly statements of financial position.
If there is more than one registered entity of the same category in a group of related bodies corporate, only one of them will have to report to APRA under this Reporting Standard.[2] That report must cover all registered entities of the same category in the group.
This Reporting Standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Reporting Form RRF 320.0 Statement of Financial Position and the associated instructions (all of which are attached and form part of this Reporting Standard).
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
Data collected in Reporting Form RRF 320.0 Statement of Financial Position (RRF 320.0) is used by APRA for the purpose of prudential supervision. It may also be used by the Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS).
Application and commencement
This Reporting Standard applies to those registered entities outlined in paragraph 5.
This Reporting Standard commences on 1 April 2018.
Information required
Subject to paragraph 6, a registered entity must provide APRA with the information required by RRF 320.0 in respect of a reporting period if, at the end of the most recent complete financial year for the registered entity, it:
(a) had total assets of $50 million or more;[3] or
(b) was one of a number of registered entities that, during the reporting period, were:
(i) of the same category as the first-mentioned registered entity; and
(ii) related bodies corporate of each other
and, at the end of the most recent complete financial year for the first-mentioned registered entity, had combined total assets of $50 million or more.
However, a registered entity is not required to report in respect of a particular reporting period if another registered entity has reported under this Reporting Standard in respect of that reporting period, and that other entity is both:
(a) a related body corporate of the first-mentioned registered entity; and
(b) of the same category as the first-mentioned registered entity.
Example of the application of paragraphs 5 and 6: RE1 Ltd is a registered entity. Under section 11 of the Financial Sector Collection of Data Act it has been allocated to the category of ‘money market corporation’. At the end of the most recent complete financial year, it had assets of $40 million. RE2 Pty Ltd is a subsidiary, and therefore a related body corporate, of RE1. It is also a money market corporation. At the end of the most recent complete financial year, it had assets of $20 million. For the purposes of the test in paragraph 5(b), their respective total assets are added together, producing a total of $60 million. This exceeds the $50 million test in paragraph 5(b). Having regard to paragraph 6, one of the two companies is required to report to APRA under this Reporting Standard in respect of the reporting period (assuming there are no other money market corporations in the group that have reported to APRA in respect of that reporting period).
Form and method of submission
The information required by this Reporting Standard must be given to APRA either:
(a) in electronic format, using one of the electronic submission mechanisms provided by the 'Direct to APRA' application or by a method notified by APRA, in writing, prior to submission; or
(b) manually completed on paper, which must be faxed or mailed to APRA's head office.
Note: the Direct to APRA application software (also known as D2A) and paper forms may be obtained from APRA.
Reporting periods and due dates
Subject to paragraph 9, a registered entity to which this Reporting Standard applies must provide the information required by this Reporting Standard for each calendar month.
APRA may, by notice in writing to a particular registered entity, vary the timing of a reporting period for the registered entity or vary the duration of a reporting period for the registered entity.
The information required by this Reporting Standard must be provided to APRA within 10 business days after the end of the reporting period to which it relates.
APRA may grant a registered entity 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.
Quality control
All information provided by a registered entity under this Reporting Standard must be subject to processes and controls developed by the registered entity for the internal review and authorisation of that information. These systems, processes and controls are to assure the completeness and reliability of the information provided.
Authorisation
When an officer of a registered entity submits information under this Reporting Standard using the D2A application, or other method notified by APRA, it will be necessary for the officer to digitally sign the relevant information using a digital certificate acceptable to APRA.
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:
(a) the Principal Executive Officer of the registered entity; or
(b) the Chief Financial Officer of the registered entity (whatever his or her official title may be).
Minor alterations to forms and instructions
APRA may make minor variations to:
(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
(b) the instructions, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
If APRA makes such a variation it must notify in writing each registered entity that is required to report under this Reporting Standard.
Interpretation
In this Reporting Standard:
AASB has the meaning in section 9 of the Corporations Act 2001.
business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays.
category means a category to which a registered entity has been allocated under section 11 of the Financial Sector (Collection of Data) Act 2001.
Principal Executive Officer means the principal executive officer of the registered entity for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
registered entity has the meaning given in the Financial Sector (Collection of Data) Act 2001 (that is, a corporation whose name is entered in the Register of Entities kept by APRA under section 8 of that Act).
Note: references to registered financial corporations in the forms and instructions that form part of this Reporting Standard are taken to have the same meaning as registered entity.
related body corporate has the meaning given in section 50 of the Corporations Act 2001.
reporting period means a period defined in paragraph 8 or, if applicable, paragraph 9.
Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.