Statement of Financial Position

Objective of this reporting standard

This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

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 Form RRF 320.0 Statement of Financial Position and the associated instructions (all of which are attached and form part of this reporting standard).

Purpose

1. Data collected in Form RRF 320.0 Statement of Financial Position (Form RRF 320.0) is used for the purposes of the Reserve Bank of Australia. It may also be used by APRA, for the purpose of prudential supervision, and the Australian Bureau of Statistics.

Application

2. This reporting standard applies to those registered entities outlined in paragraph 3.

Information required

3. Subject to paragraph 4, a registered entity must provide APRA with the information required by Form 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.

4. 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 3 and 4: RE1 Ltd is a registered entity. Under section 11 of the 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 3(b) their respective total assets are added together, producing a total of $60 million. This exceeds the $50 million test in paragraph 3(b). Having regard to paragraph 4, 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).

Reporting periods and due dates

5. Subject to paragraph 6, a registered entity must provide the information required by this reporting standard for each calendar month.

6. 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.

7. 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.

8. 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.

Forms and method of submission

9. The information required by this reporting standard must be given to APRA either:

(a) in electronic form, using one of the electronic submission mechanisms provided by the 'Direct to APRA' (also known as 'D2A') application; or

(b) manually completed on paper, which must be faxed or mailed to APRA's head office.

Note: the Direct to APRA application software and paper forms may be obtained from APRA.

Authorisation

10. 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. It is the responsibility of the board and senior management of the registered entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.

11. If a registered entity submits information under this reporting standard using the ‘Direct to APRA’ software, it will be necessary for an officer of the registered entity to digitally sign, authorise and encrypt the relevant data. For this purpose APRA’s certificate authority will issue 'digital certificates', for use with the software, to officers of the registered entity who have authority from the registered entity to transmit the data to APRA.

12. 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

13. 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.

14. If APRA makes such a variation it must notify in writing each registered entity that is required to report under this reporting standard.

Transitional

15. A registered entity must report under the old reporting standard in respect of a transitional reporting period. For these purposes:

old reporting standard means the reporting standard revoked in the determination making this reporting standard (being the reporting standard which this reporting standard replaces).

transitional reporting period means a reporting period under the old reporting standard:

(a) which ended before the date of revocation of the old reporting standard; and

(b) in relation to which the registered entity was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.

Interpretation

16. In this reporting standard:

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 5 or, if applicable, paragraph 6.