APRA, the Reserve Bank of Australia (RBA), and the Australian Bureau of Statistics (ABS) released a letter to all authorized deposit-taking institutions and registered financial corporations requesting them to extend the parallel run period for the Economic and Financial Statistics (EFS) data collection to the June 2020 quarter. These entities should continue to report data under ARS 331.0 and RRS 331.0 (on selected revenues and expenses) and the ABS Quarterly Business Indicators Survey (QBIS) for the March and June 2020 quarters.
The extension is to enable comparison of reporting across the two collections during times of uncertainty. Due dates for ARS 331.0 and RRS 331.0 will not change. The due date extension to 40 calendar days referred to in February 2019 letter will continue to apply to Reporting Standard ARS 730.0 on statement of financial performance for the March and June 2020 quarters. The agencies had previously advised that the parallel-run for these standards would end for the December 2019 quarter. The agencies have revised their decision to maintain a consistent data source for the March and June 2020 quarters during the current period of uncertainty and to capture the impact of COVID-19.
APRA, RBA, and ABS advised that, after the end of the EFS parallel run period in December 2019, data collected under existing reporting forms such as ARS 331.0, RRS 331.0, and QBIS would cease. The agencies initially intended for the parallel run for these standards to end for the December 2019 quarter. Given the importance of correctly measuring economic activity during times of uncertainty and to capture the impact of COVID-19, the agencies wish to ensure a consistent data source for March and June 2020. The agencies also believe that changing a vital data source used to measure finance and insurance industry during times of uncertainty presents a material risk.
Keywords: Asia Pacific, Australia, Banking, EFS, ARS 331.0, RRS 331.0, Reporting, Data Collection, COVID 19, APRA
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