APRA Consults to Standardize Submission Date for Quarterly Reporting
APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies. The aim of the proposal is to streamline the data consultation process for APRA and authorized deposit-taking institutions alike, with a resulting reduction in the reporting burden, most notably for smaller institutions. Annex to the consultation letter lists the impacted quarterly reporting forms for authorized deposit-taking institutions. The comment period for this proposal ends on February 07, 2020.
APRA proposed to incorporate the change to reporting due dates when each reporting standard is next revised. In the interim, APRA would grant an extension to 35 calendar days to relevant authorized deposit-taking institutions. The full implementation of changes to all reporting standards may take several years. Over this period, APRA will continue to engage with authorized deposit-taking institutions to make them aware of the upcoming revisions to the reporting standards. A standardized submission date will eliminate multiple rounds of data queries and align the data query process conducted by APRA, the Reserve Bank of Australia, and the Australian Bureau of Statistics. It will reduce the likelihood of duplicate queries being received by an authorized deposit-taking institution. Aligning reporting due dates will provide an extension of time for most authorized deposit-taking institutions. In the previous consultations, authorized deposit-taking institutions have expressed a preference for reporting timelines that provide sufficient time for internal review and sign-off of data that will be provided to APRA. The proposed standardized reporting due date will address this concern.
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Comment Due Date: February 07, 2020
Keywords: Asia Pacific, Australia, Banking, Reporting, Quarterly Reporting, Submission Timeline, APRA
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