In January 2017 APRA released a discussion paper outlining proposed changes to the Economic and Financial Statistics (EFS) collection administered by APRA on behalf of the ABS and the RBA. A new data quality standard ARS 702.0 is proposed which sets the required level of accuracy for data reported for the data collection.
In this paper we summarise the main requirements and changes of proposed reporting standard ARS 702.0, and provide our observations on its key aspects.
The proposed standard will see a significant increase in the amount and granularity of data collected from large institutions, and a substantial decrease in the amount of data collection from small institutions. Organisations with over $10 billion in assets will see over 50 percent increase in reporting requirements.
The implementation timetable is tight and is proposed in three phases with parallel run periods.