APRA EFS Overview
The Australian Prudential Regulation Authority (APRA) EFS reporting is based on the SBR (Standard Business Reporting) Taxonomy, which is an Australian Government initiative used widely across its agencies including ATO (Australian Taxation Office) and ASIC (Australian Securities and Investments Commission). One key benefit for SBR Taxonomy is alignment to use same source data for management information strategy, business reporting and regulatory reporting which improved reconciliation and consistency.
In Jan 2017, APRA, the ABS and the RBA released a proposal for a modernized data collection to ensure the provisions are relevant, timely and high quality for policy making decisions using best available information. The new collection will consist of at least 20 reporting forms, a definite increase from the current 15 forms being submitted.
XBRL Solution for APRA
APRA EFS Background
Provides an end to end regulatory reporting solution as well as the data loading, aggregation and reporting functionality needed to comply with the requirements of APRA. The solution embraces the SBR Taxonomy to classify data for reporting – using the concepts, dimensions and measures as defined by APRA. This results in fewer interpretation requirements and allows one classification to be used across multiple forms as defined by the regulator.
The solution also supports the complete suite of D2A validation rules as well as the generation of D2A XBRL submission files which can be uploaded directly onto APRA’s report submission portal.
APRA EFS Features
Metadata driven solution with full data lineage from data loading in source systems through to electronic report submission
Configurable maker-checker based reporting and submission process with full audit trails
Award winning regulatory reporting platform with the ability to integrate raw data from disparate sources
SBR Taxonomy enabled platform
Dashboard capability providing a quick overview of key APRA reporting metrics and submission status
Robust big data management with extensive data validations and reconciliations
Data archiving, versioning and transparency with configurable taxonomies
APRA EFS Benefits
Tighter, cleaner regulatory and operations control frameworks with functionalities such as the adjustment history, 4-eye check and report sign-off features
Increased business user enablement and reduced operational risk
Increased efficiency for decision-making process
Reusability of cross return SBR concepts resulting in lower implementation and maintenance overhead
More streamlined reporting processes, less data manipulation and time required to produce reports
Classify data direct to SBR, no interpretations needed
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