Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2014 - SRS 410.0 - Accrued Default Amount

Link to law: https://www.comlaw.gov.au/Details/F2014L00548

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
 
Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2014
Reporting Standard SRS 410.0 Accrued Default Amount
Financial Sector (Collection of Data) Act 2001
 
I, Steven Davies, 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. 76 of 2013, including Reporting Standard SRS 410.0 Accrued Default Amount made under that Determination; and
 
(b)          DETERMINE Reporting Standard SRS 410.0 Accrued Default Amount, 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 1 April 2014.
 
This instrument commences on 1 April 2014.
 
 
Dated: 9 May 2014
 
[Signed]
 
Steven Davies
General Manager, Statistics
 
 
 
 
 
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 410.0 Accrued Default Amount comprises the 7 pages commencing on the following page.

 
Reporting Standard SRS 410.0
Accrued Default Amounts
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to accrued default amounts in a registrable superannuation entity.
It includes Form SRF 410.0 Accrued Default Amounts and associated specific instructions and must be read in conjunction with Prudential Standard SPS 410 MySuper Transition.
 
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 410.0 Accrued Default Amounts (SRF 410.0) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 410 MySuper Transition.
Application and commencement
3.             This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE and defined benefit RSE within its business operations.[1]
4.             This Reporting Standard applies for reporting periods ending on or after 1 April 2014.
Information required
5.             An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 410.0 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 quarter based on the year of income of each RSE or defined benefit RSE within its business operations.
8.             If, having regard to the particular circumstances of an RSE or defined benefit RSE, 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 RSE or defined benefit RSE.
9.             The information required by this Reporting Standard must be provided to APRA
(a)           in the case of quarterly information:
(i)            for reporting periods ending on or after 31 March 2014  but before 1 July 2015 – within 35 calendar days after the end of the quarter to which the information relates[2]; and
(ii)          for reporting periods ending on or after 1 July 2015 – within 28 calendar days after the end of the quarter 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 RSEs or defined benefit RSEs 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 RSE or defined benefit RSE to which the information relates.[3] 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 410.0 in relation to that RSE licensee or one or more RSEs or defined benefit RSEs 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[4];
Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;
defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;
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 means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, eligible rollover fund, approved deposit fund, small APRA fund or single member approved deposit fund[5];
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;
SIS Act means Superannuation Industry (Supervision) Act 1993; and
year of income has the meaning given in section 10(1) of the SIS Act.
 

SRF 410.0: Accrued Default Amounts
 
Australian Business Number
Institution Name


Reporting Period
Scale Factor
Reporting Consolidation


 
Member accounts
Members' benefits

(1)
(2)

1. Accrued default amounts
 
 

 
Reporting Form SRF 410.0
Accrued Default Amounts
Instructions
These instructions assist completion of Reporting Form SRF 410.0 Accrued Default Amounts (SRF 410.0). SRF 410.0 collects information relating to accrued default amounts in a registrable superannuation entity (RSE) to support the requirements in Prudential Standard SPS 410 MySuper Transition. Information reported in SRF 410.0 is required primarily for prudential and publication purposes.
Reporting level
SRF 410.0 must be completed for each RSE and defined benefit RSE.
Reporting basis and unit of measurement
Report all items on SRF 410.0 in accordance with the Australian Accounting Standards unless otherwise specified.
Items on SRF 410.0 must be reported as at the end of the reporting period.
Items on SRF 410.0 are to be reported as thousands of dollars and whole numbers.
These instructions specify the unit of measurement that applies to each item.
Specific instructions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
Accrued default amounts
Item 1 collects information about the number of member accounts that include an accrued default amounts and the value of members’ benefits in accrued default amounts.
Unit of measurement: report column 1 as a whole number; report column 2 as thousands of dollars.
Item 1
Report the number of member accounts that include an accrued default amount in column 1.
Report the value of defined contribution members’ benefits in accrued default amounts in column 2. Do not include defined benefit members’ benefits and unallocated contributions in column 2.

Member account
Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).

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. Reference: Australian Accounting Standards.

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

Interpretation
For the purposes of these instructions:
·                accrued default amount has the meaning given in section 20B of the SIS Act.
·                defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;
·                RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, eligible rollover fund, small APRA fund or single member approved deposit fund[6];
·                RSE licensee has the meaning given in section 10(1) of the SIS Act;
·                SIS Act means Superannuation Industry (Supervision) Act 1993; and
·                SIS Regulations means Superannuation Industry (Supervision) Regulations 1994.
 

[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 RSE or defined benefit RSE, the RSE licensee must separately provide the information required by the form for each RSE or defined benefit RSE within its business operations. An RSE licensee that does not have any RSEs or defined benefit RSEs within its business operations is not required to provide information under this Reporting Standard.
[2]           For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an RSE licensee is nonetheless required to submit the information required no later than the due date.
[3]           Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
[4]           Refer to Prudential Standard SPS 510 Governance.
[5]           For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘eligible rollover fund’ has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act, ‘approved deposit fund’ has the meaning given in section 10(1) of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.
[6]           For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘eligible rollover fund’ has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.