The Australian Prudential Regulation Authority (APRA) has released for public consultation a revised set of prudential returns aimed at helping it collect better data so that it can provide more accurate information about the super industry.
Under its new proposals, much more detail will be required than at present. But APRA executive general manager Charles Littrell says most of this will be information that trustees and management should be monitoring as an integral component of soundly structured risk management and reporting systems.
APRA currently uses data drawn from the annual returns provided by funds at the end of each financial year while data from larger funds is also provided quarterly in the Survey of Superannuation. But Littrell says APRA has found that this information doesn’t give a sufficiently comprehensive picture of the financial position, performance and risk profile of super funds.
He says the new returns will consolidate the reporting to APRA and will apply to financial years ending on and after June 30, 2004.
The new reporting forms, draft instructions and associated standards are available on the APRA website at www.apra.gov.au/Statistics/First-Round-of-Consultation-on-proposed-forms.cfm
