Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p73
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 73/76)
Character Range: 240163–243473

that provides relevant information about such transactions;
(c)                   risk-based disclosures in relation to asset concentrations and sensitivity analyses;
(d)                   disclosures in relation to business, non-financial and emerging risks;
(e)                   disclosures in relation to information about reserves;
(f)                    how a superannuation entity's tax liability for a period might be allocated between the income statement and the statement of changes in member benefits, particularly since the Income Tax Assessment Act 1997 does not generally distinguish between income tax on investment earnings and tax on contributions  The AASB noted that superannuation entities would currently need to distinguish between tax on earnings and tax attributable to contributions in order to determine member benefits and that non-superannuation entities are required to perform similar calculations under other Australian Accounting Standards;
(g)                   facilitating separate presentation of realised and unrealised gains and losses.  The AASB noted that superannuation entities would not be prevented from presenting or disclosing such additional information if it provides useful information to users of its financial statements;
(h)                   presentation of 'netted off' revenue and expense items, particularly in relation to entities conducting their investment arrangements through investment managers and/or custodians;
(i)                     circumstances in which contributions in respect of defined contribution members should be recognised on an accrual basis or a cash basis; and
(j)                     circumstances in which benefits payable would be disclosed as a current liability.  The AASB noted that AASB 101 has relevant criteria for distinguishing between current and non-current liabilities.
BC251        The AASB concluded that the issues underlying some of those concerns:
(a)                   are outside the scope of general purpose financial reporting;
(b)                   are dealt with in other Australian Accounting Standards; and/or
(c)                   arise under other Australian Accounting Standards and are dealt with by non-superannuation entities without additional guidance.
The AASB also noted that providing superannuation-specific guidance on the application of the principles and requirements in other Australian Accounting Standards would run the risk of interpreting IFRS principles and requirements in a way that is not consistent with the way they are interpreted in other contexts.
BC252        Some respondents raised issues about better identifying the 'reporting entity' in a superannuation industry context.  They noted that, in the private sector, Registrable Superannuation Entities (RSE) would typically be the entities that apply AAS 25 and would apply AASB 1056, but that this may not be the appropriate entity level at which general purpose financial reporting should take place.  At this stage, the AASB concluded that this topic would need to be the subject of future research (refer to paragraph BC2).

[1] Although, refer to paragraph AG36 in respect of the fair value disclosure requirements of AASB 7.
[2]  In late 2005, as a result of a process involving the issue of Invitation to Comment