Document ID: chunk:federal_register_of_legislation:F2024L00075:front:0:p2
Version: federal_register_of_legislation:F2024L00075
Segment Type: other
Provision Reference: 
Character Range: 3141–6181

differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements.

Purpose in developing AASB 1056
AASB 1056 was first issued in June 2014 to replace AAS 25 Financial Reporting by Superannuation Plans, which was issued in 1993.  AASB 1056 was developed in light of significant changes, including developments in the superannuation industry and Australia's adoption of IFRS Standards.  AASB 1056 also addressed deficiencies in AAS 25 and made the requirements for superannuation entities more consistent with the current requirements in Australian Accounting Standards.
Paragraphs BC3 to BC6 of the attached Basis for Conclusions provide more background on the purpose of developing AASB 1056.

Reissue of AASB 1056
The AASB first issued AASB 1056 as an Accounting Standard without reference to its authority to make Standards for the purposes of the Corporations Act 2001.  This reflected that at the time superannuation entities were not required by the Corporations Act or other legislation to prepare and lodge financial statements with a regulator.
The Standard is now reissued by the AASB as a legislative instrument under section 334 of the Corporations Act.  This is in response to amendments to the Corporations Act that require registrable superannuation entities to prepare annual financial statements that comply with Australian Accounting Standards and lodge them on the public record with the Australian Securities and Investments Commission.  Since the requirements of this Standard differ in some respects from other Australian Accounting Standards, it is necessary for this Standard to also be a legislative instrument in order to take precedence over the other Standards as necessary.
In converting AASB 1056 into a legislative instrument, the AASB has not changed the requirements.  However, some outdated requirements and material have been deleted in this version of AASB 1056:
     (a)                    the application paragraph identifying the entities and financial statements to which the Standard applies (paragraph 2) – the application of Standards is now set out in AASB 1057 Application of Australian Accounting Standards;
     (b)                   the transitional provision (paragraph 37) that permitted an entity applying the Standard for the first time to not present a statement of financial position as at the beginning of the first comparative period – superannuation entities initially applying the reissued AASB 1056 would have prepared a statement of financial position under the original AASB 1056; and
     (c)                    the section addressing the main differences between AASB 1056 and AAS 25 – as AAS 25 ceased to apply when AASB 1056 became applicable to periods beginning on or after 1 July 2016, the comparison has no continuing relevance.
The AASB is also currently undertaking a post-implementation review of AASB 1056.  That work will identify whether changes are required to the substantive requirements of the