Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p11
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 11/76)
Character Range: 53368–56561

that event has a reliably measurable impact on the amounts receivable from the reinsurer.

Preparation and presentation of consolidated financial statements
AG50           AASB 10 Consolidated Financial Statements, as amended by AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities, is applicable to periods beginning on or after 1 January 2014, and can be applied early.
AG51           AASB 10 is relevant for determining when consolidated financial statements must be presented.  The AASB 2013-5 amendments provide an exception from consolidated financial statements for 'investment entities', which could include superannuation entities.  The exception applies to all subsidiaries of investment entities, other than subsidiaries that provide services relating to the investment entity's investment activities.  A parent must account for its subsidiaries that are subject to the exception at fair value through profit or loss.
AG52           It is possible that now or in the future there may be superannuation entities that have subsidiaries and do not qualify to be treated as investment entities; or, that there are superannuation entities that qualify to be treated as investment entities and have subsidiaries that provide services relating to their investment activities.  Such superannuation entities would:
(a)                   present consolidated financial statements in accordance with the requirements of AASB 10; and
(b)                   initially measure any non-controlling interests applying the fair value approach in accordance with AASB 3 Business Combinations at the subsidiary's acquisition date and in accordance with AASB 10 at the end of each subsequent period.

Illustrative examples
These illustrative examples accompany, but are not part of, AASB 1056.

     I Example financial statements of a superannuation entity that has only defined contribution members
     II Example financial statements of a (hybrid) superannuation entity that has both defined contribution and defined benefit members

Illustrative Examples I and II provide examples of acceptable styles and formats for a superannuation entity that are consistent with the requirements of AASB 1056 Superannuation Entities.  They are not comprehensive.
The styles and formats illustrated are not mandatory.  Other styles and formats may be equally appropriate if they meet the requirements of AASB 1056 and other applicable Australian Accounting Standards.
For illustrative convenience, particular notes have been located next to the financial statements to which they most closely relate.  Some of the information illustrated as appearing on the face of the financial statements could be disclosed in the notes, and some of the information illustrated as appearing in the notes could be shown on the face of the financial statements.
For simplicity of presentation, comparative information is not shown.
For the purposes of the examples, the following insurance arrangements are assumed.
       * The superannuation entity with only defined contribution members has insurance arrangements that involve taking on insurance risk and the entity fully reinsures those risks,