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Revised super reporting standards confirmed
Superannuation funds will have to comply with new reporting standards relating to investment exposure concentrations, asset allocation, financial instruments, investment performance and fees, from 1 July 2016.
In a letter to all registrable superannuation entities, Australian Prudential Regulation Authority (APRA) executive general manager for policy and advice, Sarah Goodman, revealed the new standards will only require reporting of indirect costs on the same basis as it is required to be disclosed publicly.
The revised superannuation reporting standards following a consultation process relating to draft standards released earlier this year and aim to clarify concerns surrounding:
- Reporting standard SRS 532.0 — Investment exposure concentrations;
- Reporting standard SRS 533.1 — Asset allocation and members' benefit flows;
- Reporting standard SRS 534.0 — Derivative financial instruments;
- Reporting standard SRS 702.0 — Investment performance;
- Reporting standard SRS 703.0 — Fees disclosed;
- Reporting standard SRS 320.0 — Statement of financial position; and
- Reporting standard SRS 330.1 — Statement of financial performance.
"The revisions, where relevant, will be incorporated in D2A forms so that RSE licensees will be able to submit data based on these versions of the reporting standards when the requirements commence," Goodman said.
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
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