Accounting Standard AASB 1056 Superannuation Entities (Cth)

AASB Standard AASB 1056 December 2023

Superannuation Entities

Obtaining a copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board PO Box 204 Collins Street West Victoria 8007 AUSTRALIA Phone: (03) 9617 7600 E-mail: standard@aasb.gov.au Website: www.aasb.gov.au

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COPYRIGHT

© Commonwealth of Australia 2023

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE Comparison with IAS 26 Accounting Standard AASB 1056 Superannuation Entities

from paragraph Objective 1 Application 2 Compliance with Australian Accounting Standards 6 Presentation of Financial Statements 8 Income statement 9 Statement of changes in member benefits 11 Assets and Liabilities Measured at Fair Value 13 Member Liabilities Recognition 14 Measurement 15 Employer-sponsor receivables Recognition 18 Measurement 19 Disclosure 20 Nature of member benefits 21 Nature of income and expense items 22 Member liabilities 23 Employer-sponsor receivables 26 Net assets attributable to defined benefit members 28 Explaining changes in defined benefit member liabilities 30 Disaggregated financial information 32 Insurance Arrangements 33 Transition on Initial Application COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 38 Appendices A Defined terms B Application guidance ILLUSTRATIVE EXAMPLES

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 1056 Superannuation Entities is set out in paragraphs 1 – 38 and Appendices A and B. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. AASB 1056 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.