Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2015 - SRS 800.0 - Financial Statements

Link to law: https://www.comlaw.gov.au/Details/F2015L00828

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Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2015
Reporting Standard SRS 800.0 Financial Statements
Financial Sector (Collection of Data) Act 2001
 
I, Charles Littrell, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:
(a)     REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2014, including Reporting Standard SRS 800.0 Financial Statements made under that Determination; and
(b)     DETERMINE Reporting Standard SRS 800.0 Financial Statements, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.
Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on and after 1 July 2015.
 
This instrument commences on the date of registration on the Federal Register of Legislative Instruments.
 
Dated: 10 June 2015
 
 
[Signed]
 
 
Charles Littrell
Executive General Manager
Policy, Statistics and International Division
 
Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.
financial sector entity has the meaning given by section 5 of the Act.
 
Schedule
 
Reporting Standard SRS 800.0 Financial Statements comprises the 15 pages commencing on the following page.

 
Reporting Standard SRS 800.0
Financial Statements
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to the financial position of a small APRA fund or a single member approved deposit fund.
It includes Form SRF 800.0 Financial Statements and associated specific instructions.
 
Authority
1.             This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
2.             Information collected in Form SRF 800.0 Financial Statements (SRF 800.0) is used by APRA for the purposes of prudential supervision and publication.
Application and commencement
3.             This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) of a small APRA fund (SAF) or a single member approved deposit fund (SMADF) within its business operations in respect of each SAF or SMADF.[1]
4.             This Reporting Standard applies for reporting periods ending on or after 1 July 2015.
Information required
5.             An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 800.0 in respect of each reporting period.
Forms and method of submission
6.             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.
Note: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.
Reporting periods and due dates
7.             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 SAF or SMADF within its business operations.
8.             If, having regard to the particular circumstances of a SAF or SMADF, 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 SAF or SMADF.
9.             The information required by this Reporting Standard must be provided to APRA:
(a)           within three months after the end of the year of income to which the information relates; and
(b)          in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.
10.         APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more SAFs or SMADFs 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.
Quality control
11.         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 SAF or SMADF to which the information relates.[2] 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:
(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
(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.
12.         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.
Authorisation
13.         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.
14.         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:
(a)           obtain from the agent a copy of the completed form with the information provided to APRA; and
(b)          retain the completed copy.
15.         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:
(a)           the Chief Executive Officer of the RSE licensee; or
(b)          the Chief Financial Officer of the RSE licensee.
Variations
16.         APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 800.0 in relation to that RSE licensee or one or more SAFs or SMADFs within that RSE licensee’s business operations.
Interpretation
17.         In this Reporting Standard:
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
Chief 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];
Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;
due date means the relevant date under paragraph 9 or, if applicable, paragraph 10;
reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;
RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;
RSE licensee has the meaning given in section 10(1) of the SIS Act;
single member approved deposit fund (SMADF) means a superannuation entity that is an approved deposit fund, within the meaning given in section 10(1) of the SIS Act, that has only one member;
SIS Act means Superannuation Industry (Supervision) Act 1993;
small APRA fund (SAF) means a regulated superannuation fund, within the meaning given in section 10(1) of the SIS Act, which has fewer than five members; and
year of income has the meaning given in section 10(1) of the SIS Act.
 

SRF 800.0: Financial Statements
 
Australian Business Number
Institution Name

 

Reporting Period
Scale Factor
Reporting Consolidation

 

 
Financial position
 
1. Total assets
 

1.1. of which: Investments 

1.2. of which: Deferred tax assets

1.3. of which: In-house assets held by the RSE

1.3.1. In-house assets for which the entity has an exemption from APRA


2. Total liabilities


3. Net assets available for members' benefits


4. Total reserves


5. Total liability for members' benefits

5.1. Defined contribution members' benefits

5.2. Defined benefit members' benefits

5.3. Unallocated contributions


6. Surplus/deficit in net assets

 
7. Fund balance for levies

7.1. Net assets available for members’ benefits as at 30 June

7.2. Notional balance as at 30 June

7.3. Unaudited net assets available for members’ benefits as at 30 June

 
Financial performance
 
Members' benefits flows

8. Members' benefits flows in
 

8.1. of which: Employer contributions

8.2. of which: Member contributions

8.3. of which: Defined benefit contributions

9. Members' benefits flows out

9.1. of which: Benefit payments

9.2. of which: Repatriation to employer sponsor


Superannuation activities

10. Investment income and gains/losses

11. Operating income

12. Investment expenses

13. Administration and operating expenses

14. Advice expenses


Insurance activities

15. Net flows from insurance activities

15.1. Insurance related inflows

15.2. Insurance related outflows


16. Profit/loss before income tax

17. Income tax expense/benefit

18. Profit/loss after income tax


19. Transfers into reserves affecting net assets available to pay members' benefits

20. Transfers out of reserves affecting net assets available to pay members' benefits


21. Change in net assets available to pay members' benefits

 
 
 
 
Reporting Form SRF 800.0
Financial Statements
Instructions
These instructions assist completion of Reporting Form SRF 800.0 Financial Statements (SRF 800.0). SRF 800.0 collects information on the financial position of a small APRA fund (SAF) or single member approved deposit fund (SMADF). Information reported in SRF 800.0 is required primarily for prudential, publication and statistical purposes.
Reporting level
SRF 800.0 must be completed for each SAF and SMADF.
Reporting basis and unit of measurement
Report all items on SRF 800.0 in accordance with the Australian Accounting Standards unless otherwise specified.
Items on SRF 800.0 must be reported as at the end of the reporting period.
Items on SRF 800.0 are to be reported as thousands of dollars.
Specific instructions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
Financial position
Item 1 to item 7 inclusive collect information about the assets and liabilities of the SAF or SMADF, including information to assist the annual determination of APRA’s supervisory levies.
Item 1
Report total assets in item 1.
Report the portion of total assets reported in item 1 that is investments in item 1.1.
Report the portion of total assets that is deferred tax assets in item 1.2.
Report the value of in-house assets held by the RSE in item 1.3.
Report the value of in-house assets held by the RSE for which the entity has an exemption from APRA in writing, in item 1.3.1.

Assets
Represents a resource: (a) controlled by an entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference: Australian Accounting Standards.

 
Investments
Represents the purchase of a financial product or other item of value with an expectation of favourable future returns. Excludes: derivative assets, derivative liabilities and property, plant and equipment.

Deferred tax assets
Represents the value of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carry forward of unused tax losses; and (c) the carry forward of unused tax credits. Reference: Australian Accounting Standards.

In-house assets held by the RSE
Represents in-house assets within the meaning given in Part 8 of the SIS Act.

 
Item 2
Report total liabilities in item 2.

Liabilities
Represents a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference: Australian Accounting Standards.

 
Item 3
Item 3 is a derived item. Report net assets available for members’ benefits in item 3 as total assets reported in item 1 minus total liabilities reported in item 2.

Net assets available for members’ benefits
Represents the surplus of total assets less total liabilities which is underlying the value of members’ benefits. Includes: reserves.

 
Item 4
Report total reserves in item 4.

Reserve
Represents the portion of net assets available for members’ benefits which is not total liability for members’ benefits. Includes: reserves such as ORFR reserve, investment reserve and self-insurance reserve. Excludes: surplus/deficit in net assets, unallocated contributions that are not part of a formal reserve.

 
Item 5
Item 5 is a derived item. Report total liability for members’ benefits in item 5 as the sum of defined contribution members' benefits reported in item 5.1, defined benefit members' benefits reported in item 5.2 and unallocated contributions reported in item 5.3.
For a defined benefit member that has both defined benefit members’ benefits and defined contribution members’ benefits, report the portion that is attributed to that member’s defined benefit members’ benefits in item 5.2 and the portion that is attributed to that member’s defined contribution members’ benefits in item 5.1. Otherwise, where the last triennial review has been adopted in accordance with Australian Accounting Standards, report the value of that member’s defined benefit members’ benefits and defined contribution members’ benefits in accordance with the last triennial review.

Liability for members’ benefits
Represents the present obligation to members and beneficiaries for benefits they are entitled to receive in the future as a result of membership of the RSE. Excludes: reserves. Reference: Australian Accounting Standards.

 
Defined contribution members' benefits
Represents the present obligation to pay benefits to defined contribution members and beneficiaries. Reference: Australian Accounting Standards.

Defined benefit members' benefits
Represents the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, measured using actuarial assumptions and valuations where appropriate. The concept of defined benefit members’ benefits aligns with the concept of ‘defined benefit member liabilities’ as defined in Australian Accounting Standards.

Unallocated contributions
Represents contributions received but not yet allocated to specific member accounts or reserves. Reference: Australian Accounting Standards.

 
Item 6
Item 6 is a derived item. Report surplus/deficit in net assets in item 6 as net assets available for member benefits reported in item 3 minus the sum of total reserves reported in item 4 and total liability for member benefits reported in item 5.
Report a surplus as a positive number, and a deficit as a negative number.

Surplus/deficit in net assets
Represents the excess/deficiency in net assets available for members’ benefits against total liability for members’ benefits. Excludes: reserves, unallocated contributions. Reference: Australian Accounting Standards.

 
Item 7
Report only one balance type in item 7.
If an RSE has a balance date of 30 June, report the value of net assets available for member benefits of the RSE, as at 30 June, in item 7.1; otherwise, leave item 7.1 blank. For the purposes of this item, the value reported must equal the audited net assets available for member benefits reported in item 3.
If an RSE has a balance date of 30 June, and the assets of the RSE consist entirely of individual policies and the audited net assets available for member benefits as at 30 June is not known by the insurer, report the notional balance of the RSE, as at 30 June, in item 7.2; otherwise, leave item 7.2 blank.
If an RSE has a balance date other than 30 June, report the value of the unaudited estimate of the net assets available for member benefits of the RSE, as at 30 June, in item 7.3; otherwise, leave item 7.3 blank. Note – this asset value will not be the ‘balance date’ asset value reported in item 3.
For early balancing RSEs (i.e. the RSE’s balance date is before the relevant 30 June balance date that is being reported. This covers entities with a balance date between 1 January and 29 June): report the unaudited estimated of net assets available for member benefits, as at the 30 June that immediately follows the RSE’s balance date.
For late balancing RSEs (i.e. the RSE’s balance date is after the relevant 30 June balance date that is being reported. This covers entities with a balance date between 1 July and 31 December): report the unaudited estimated net assets available for member benefits, as at the 30 June that immediately precedes the RSE’s balance date.

Individual policy
Represents an insurance policy over the life of one person.

Notional balance
Represents $20,000 multiplied by the number of lives insured.

Financial performance
Item 8 to item 21 inclusive collect the net change in assets available to pay members’ benefits of a SAF or SMADF, including movements in members’ benefits flows in and out of a SAF or SMADF, the income and expenses arising from superannuation activities and insurance activities, profit/loss before and after income tax and reserve movements that impact the net assets available to pay members’ benefits of a SAF or SMADF.
Report contributions gross of contributions tax and any other tax and do not deduct: entry fees; deferred entry fees; commissions; management fees or any other ongoing fees or charges.   
Report income gross of any related expenses i.e. do not net investment expenses against investment income.
Report expenses gross of any deductions or related rebates i.e. do not net related rebates against investment expenses.
Item 8
Report total members’ benefits flows into the SAF or SMADF in item 8 as the total of contributions net of contributions tax and contributions surcharge, rollovers, successor fund transfers and other types of members’ benefits paid into the SAF or SMADF.
Where ‘operational risk financial requirement trustee capital surplus distributed to member accounts’ will be reported in item 10.1 of Reporting Form SRF 114.0 Operational Risk Financial Requirement for the annual reporting period, include the amount that relates to this SAF or SMADF in item 8.
Report the portion of total members’ benefits flows into the SAF or SMADF which is employer contributions in item 8.1, the portion which is member contributions in item 8.2 and the portion which is defined benefit contributions in item 8.3.

Members’ benefits flows
Represents members’ monies paid into or out of the entity.

Employer contribution
Represents contributions made by an employer on behalf of the member. Includes: employer contributions made to an accumulation account on behalf of members to meet super guarantee, award or other obligations, contributions paid as a result of a salary sacrifice arrangement, transfers from consolidated revenue funds for EPSSSs and constitutionally protected funds, and super guarantee charge and the taxable component of any super holding accounts special account amounts which the ATO transferred to the provider on behalf of the member. Reference: Member Contribution Statement.

Member contribution
Represents contributions made by a member including non excluded capital gains or capital proceeds and personal injury payments, direct termination payments, other third party contributions (low income superannation contributions, government co-contributions and other family and friend contributions) and other contributions made by a person other than the employer. Reference: Member Contribution Statement.

Defined benefit contribution
Represents contributions made in respect of a member interest that is a defined benefit interest. Reference: SIS Regulations, r. 1.03AA.

 
Item 9
Report total members’ benefits flows out of the SAF or SMADF in item 9 as the total of benefit payments, rollovers, successor fund transfers, repatriation to employer sponsors and other types of members’ benefits paid out of the SAF or SMADF.
Report the portion of total members’ benefits flows out of the SAF or SMADF which are benefit payments in item 9.1 and the portion which is repatriation to employer sponsor in item 9.2.

Benefit payment
Represents lump sum benefit payments and pension benefits paid directly to members. Includes: insurance claim benefits or proceeds first credited to members’ accounts and subsequently disbursed along with members’ benefits to the member or beneficiary. Excludes: rollovers and successor fund transfers. Reference: SIS Regulations, Divisions 6.2 and 6.3; Superannuation Industry (Unclaimed Money and Lost Members) Act 1999, Part 4A.

Repatriation to employer sponsor
Represents where member benefits are paid back to employer sponsors that were originally received from employer sponsors either in the form of contributions or amounts associated with the redemption of fund assets. Excludes: amounts paid back to employer sponsors that relate to services provided, such as administrator fees. Reference: SIS Act, s. 117.

 
Item 10
Report investment income and gains/losses in item 10.

Investment income and gains/losses
Represents the total investment income from superannuation activities. Includes: investment income after impairment expense, gains/losses on investments and other investment income.

 
Item 11
Report operating income in item 11.

Operating income
Represents income sourced from miscellaneous operating activities. Includes: income from scrip lending; income associated with underwriting activities; fees and commissions; rebates on fees charged to members, costs, commissions and charges; and other miscellaneous income. Excludes: investment income.

 
Item 12
Report investment expenses in item 12.

Investment expenses
Represents expenses that relate to the investment of the assets of the entity. Includes: expenses for which investment fees are charged and expenses associated with generating income on investments.

 
Item 13
Report administration expenses and operating expenses in item13.

Administration expenses
Represents expenses that relate to the administration or operation of the fund. Includes: administration expenses for which administration fees are charged.  Report the total expense charged by an administrator where the administrator is also a service provider of activities other than administration e.g. custodial, and the expense is not segregated by activity type.

Operating expenses
Represents expenses that relate to the operation of the fund by the RSE licensee. Includes: operating expenses for which administration fees are charged, such as expenses relating to advertising/marketing, commissions, director/individual trustee expenses, operating expenses associated with service provider and other operating expenses. Excludes: administration expenses.

 
Item 14
Report advice expenses in item 14.

Advice expenses
Represents expenses that relate to the provision of financial product advice to a member. Includes: expenses for which activity fees relating to provision of financial product are charged.

 
Item 15
Item 15 is a derived item. Report net flows from insurance activities in item 15 as the total of insurance related inflows reported in item 15.1 minus the total of insurance related outflows reported in item 15.2 for both acquired insurance and self-insurance arrangements of the SAF or SMADF.

Insurance related inflows
Represents inflows sourced from insurance activities. Includes: insurance claim benefits or proceeds credited to member accounts, reinsurance benefits, rebate income received on premiums charged, fee rebates received against insurance fees charged to members and changes in insurance liabilities or reinsurance assets.

Insurance related outflows
Represents outflows incurred through insurance activities. Includes: premiums debited from member accounts, reinsurance premiums charged, expenses incurred for insurance claims and changes in insurance liabilities or reinsurance assets.

Acquired insurance
Represents insurance acquired by an RSE licensee from a life company registered, or taken to be registered, under s. 21 of the Life Insurance Act 1995 or a general insurance company or Lloyd’s underwriter authorised, or taken to be authorised, under the Insurance Act 1973 (an insurer), in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Self-insurance
Represents insurance offered under an RSE licensee’s self-insurance arrangements, in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

 
Item 16
Item 16 is a derived item. Report profit/loss before income tax in item 16 as the sum of investment income and gains/losses in item 10, operating income in item 11 and net flows from insurance activities in item 15 minus investment expenses in item 12, administration and operating expenses in item 13 and advice expenses in item 14.

Profit/loss before income tax
Represents total income less total expenses gross of any tax effects.

 
Item 17
Report income tax expense/benefit in item 17.

Income tax expense/benefit
Represents income tax expense/benefit incurred, comprising the sum of current tax expense/income less tax benefits and tax expenses, and deferred tax expense/income. Includes: Capital gains tax on investment disposals, over/under provision for income tax in prior years to adjust prior year income tax provisions. Excludes: Contributions tax and contributions surcharge.

 
Item 18
Item 18 is a derived item. Report profit/loss after income tax in item 18 as profit/loss before income tax in item 16 minus income tax expense/benefit in item 17.

Profit/loss after income tax
Represents total income less total expenses net of all tax effects.

 
Item 19
Report transfers into reserves affecting net assets available to pay members’ benefits in item 19. Excludes: members’ benefits flows into the SAF or SMADF already reported in item 1.

Transfers into reserves affecting net assets available to pay members’ benefits
Represents the total value transferred into a reserve resulting in an increase in the net assets available to pay members’ benefits. Includes: amounts transferred from the RSE licensee directly into a reserve held by the RSE.

 
Item 20
Report transfers out of reserves affecting net assets available to pay members’ benefits in item 20. Excludes: members’ benefits flows out of the SAF or SMADF already reported in item 2.

Transfers out of reserves affecting net assets available to pay members’ benefits
Represents the total value transferred out of a reserve that results in a decrease in the net assets available to pay members’ benefits. Excludes: expenses where the source of payment, or portion thereof, was a reserve.

 
Item 21
Item 21 is a derived item. Report change in net assets available to pay benefits in item 21 as the net of members’ benefits flows in, in item 8 and members benefits flows out in item 9, plus profit/loss after income tax in item 18 and transfers into reserves affecting net assets available to pay members’ benefits in item 19 minus transfers out of reserves affecting net assets available to pay members’ benefits in item 20.

Net assets available to pay members’ benefits
Represents the surplus of total assets less total liabilities which is underlying the value of members’ benefits. Includes: reserves.

Interpretation
For the purposes of these instructions:
·                exempt public sector superannuation scheme (EPSSS) has the meaning given in section 10(1) of the SIS Act and is a public sector scheme nominated by its respective Commonwealth, state or territory government to be exempt from the SIS Act;
·                RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;
·                RSE licensee has the meaning given in section 10(1) of the SIS Act;
·                single member approved deposit fund (SMADF) means a superannuation entity that is an approved deposit fund, within the meaning of section 10(1) of the SIS Act, that has only one member;
·                SIS Act means Superannuation Industry (Supervision) Act 1993; and
·                small APRA fund (SAF) means a superannuation entity that is a regulated superannuation fund, within the meaning given in section 10(1) of the SIS Act, which has fewer than five members.
 

[1]           For the purposes of this Reporting Standard, an ‘RSE licensee’s business operations’ includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one SAF or SMADF, the RSE licensee must separately provide the information required by the form for each SAF or SMADF within its business operations. An RSE licensee that does not have any SAFs or SMADFs within its business operations is not required to provide information under this Reporting Standard.
[2]           Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
[3]           Refer to Prudential Standard SPS 510 Governance.