15RU-008 Financial reporting – superannuation entities | KPMG | AU

15RU-008 What’s new in financial reporting for superannuation entities?

15RU-008 Financial reporting – superannuation entities

This Reporting Update 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 Example Superannuation Series 30 June 2014 publication.


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It also sets out the key changes and requirements of the forthcoming new standard for superannuation entities, AASB 1056 Superannuation Entities, which is effective for annual reporting period ending 30 June 2017.

Key points

What’s changed for June 2015 year-ends?

  • No longer consolidate controlled subsidiaries (with minor exceptions) where entities qualify as investment entities.
  • Consider new guidance on presentation in the statement of financial position where an entity has offsetting arrangements.

What future changes should you start preparing for?

  • Start considering the impact of AASB 1056 Superannuation Entities.

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.

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Australian Reporting Updates

Reporting Updates are KPMG's way of communicating changes occurring within the Australian financial reporting environment to our clients.

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