APRA released improved data quality controls on text fields for D2A reporting. These changes are relevant for all APRA-reporting institutions.
APRA is committed to ensuring that data submitted through D2A is fit for purpose and complies with its reporting standards. To do this, APRA uses a range of measures to confirm the quality of data submitted to it. Due to a shortcoming of the D2A system, entities that submit data via XML files are currently able to submit invalid values in D2A input fields for drop-down lists (that is, values that are not in the drop-down list according to the values prescribed in the reporting standards and taxonomy). Moreover, some forms have minor inconsistencies between the APRA reporting taxonomy and the drop-down lists in the D2A form specifications. As a result of these issues, some entities have been able to (unintentionally) submit invalid values in the past.
To fix the first issue, APRA will be implementing additional validation rules for most returns starting from the September 2018 quarterly reporting period. These rules will check to ensure that values submitted for drop-down list fields match the list of valid values as per the APRA reporting taxonomy. APRA will not yet implement additional validation rules on forms where it has identified minor inconsistencies between the form specification and the reporting taxonomy (the second issue). APRA will first make minor changes to these forms to fix the inconsistencies and will communicate such changes in advance of implementation. In situations where it is clear what the correct value should be, APRA will internally adjust the already submitted invalid data for reporting and analysis purposes. APRA will do so without modifying the original submitted D2A records. APRA will contact affected entities if there is any doubt about what course of action to take.
Keywords: Asia Pacific, Australia, Banking, Insurance, Reporting, D2A, Validation Rules, APRA
Previous ArticleEIOPA Publishes Report on Understanding Cyber Insurance in Europe
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.