Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p135
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Appendix B
Application guidance

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Compliance with principles and requirements in other Australian Accounting Standards (paragraphs 6 and 7)

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     AG3  When the recognition, measurement and disclosure principles and requirements in this Standard address the same items or events as the recognition, measurement and disclosure principles and requirements in other Australian Accounting Standards, a superannuation entity need not apply those other Standards. For example, a superannuation entity applying this Standard would

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          (b)                   disclose information about expenses in accordance with paragraphs 9 and 22 and need not disclose information in accordance with paragraphs 78–83 and B80 of AASB 18 Presentation and Disclosure in Financial Statements 99-105 of AASB 101 Presentation of Financial Statements regarding an analysis of expenses

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     AG5  When a superannuation entity applies the recognition and measurement principles and requirements in other Australian Accounting Standards, the entity would also apply any relevant disclosure principles and requirements contained in those other Standards unless they are specifically modified by this Standard. Australian Accounting Standards that contain disclosure principles and requirements, some or all of which a superannuation entity would apply, when relevant, include but are not limited to the following:

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          (c) AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements;

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          (e) AASB 108 Basis of Preparation of Financial StatementsAccounting Policies, Changes in Accounting Estimates and Errors;

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Presentation of financial statements (paragraphs 8 to 12)

     AG7 Consistent with AASB 18AASB 101, alternative titles can be used for the financial statements to suit the circumstances. For example, the statement of changes in equity might be better described as a statement of changes in reserves in some circumstances.

Statement of financial position

     AG8  Where a superannuation entity's total assets differs from its total liabilities (including defined contribution member liabilities, defined benefit member liabilities and any obligations to employer-sponsors), the difference is classified as equity and presented in accordance with applicable Australian Accounting Standards. In these circumstances, consistent with paragraph 24 of AASB 1855 of AASB 101, the entity may need to present additional line items, headings and subtotals in the statement of financial position when such presentation is necessary for relevant to an understanding of the entity's financial position.

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     AG11 Superannuation entities would be expected to present the various classes of their investments in a meaningful way, consistent with the requirements of AASB 18AASB 101.

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Income statement

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     AG17  A superannuation entity that presents an income statement in accordance with this Standard does not present a single statement of profit or loss and comprehensive income, or a statement of profit or loss and a separate income statement presenting and statement of comprehensive income, in accordance with AASB 18AASB.

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Statement of