This publication assists with the detailed and complex disclosure and presentation requirements of the IFRS-based Australian Accounting Standards and the requirements of AAS 25 Financial Reporting by Superannuation Plans, which must be applied in the preparation of financial statements for superannuation entities.
This publication illustrates one possible format for the financial statements of a public offer defined contribution superannuation Fund and a public offer defined benefit superannuation Fund based on fictitious superannuation Fund.
Previously Example Superannuation Fund presented consolidated financial statements including its controlled entities, however as a result of AASB 10 Consolidated Financial Statements and Example Superannuation Fund qualifying for the investment exemptions discussed below, the Fund is no longer required to prepare consolidated financial statements.
Accordingly, the reporting entity for the current and prior period is the Fund. The disclosures included in the Fund financial statements in relation to the transition to the investment entity exception are thus only relevant to investment entities who have controlled subsidiaries and not to other Funds. The Funds presented in this publication are not first-time adopters of AASBs.
Given the low level of change from our Example Superannuation Series 30 June 2014 publication, we will not be releasing an update for 30 June 2015.
Reporting Update 15RU-008 provides an overview of what’s new for 30 June 2015 for superannuation entities and details changes that should be considered with reference to our 30 June 2014 publication.