IQ Group has confirmed support for the revised Australian Prudential Regulation Authority (APRA) Superannuation Data Reporting Standards launched today, citing less onerous lodgement requirements as a win for the industry.
The group said the key change to standards was the recognition that commencing all data reporting forms on July 1 this year would not be feasible for the industry and that not all forms are appropriate for quarterly lodgement.
“The data standards have changed significantly from the drafts released to industry last year, as a result of APRA’s extensive consultations with all parties, and we need to acknowledge that this is an extremely positive achievement,” IQ Group chief executive Graham Sammells said.
“In particular, APRA has listened to industry feedback about the need to better align with industry practice and as a result, has produced a much more authentic set of standards.”
Mr Sammells said that while the audit requirements will now align to practice, the industry is still awaiting for details on some of the standards.
“The superannuation industry is still awaiting the release of baseline reporting requirements, taxonomy requirements and D2A forms,” Mr Sammells said.
“In particular, superannuation funds are eagerly awaiting the forms relating to superannuation fund product dashboards due to the potentially high level of complexity required to complete this element of reporting.”
IQ Group said that while the latest APRA release will not be the final legally-binding standard, it provides superannuation funds with a guide to ready data reporting projects.
Mr Sammells said that IQ Group will be assisting its super client base to meet these implementation requirements.
Earlier this month, Mr Sammells told InvestorDaily that IQ Group had partnered with CCH, a Wolters Kluwer business specialising in tax, accounting and audit information software, to implement the CCH-developed solution to help super funds and administrators meet reporting requirements.
The two groups have partnered to implement a reporting tool that they say will help manage risk by providing auditability, traceability, change control, approvals and a single “source of truth”.
