Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p2
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 2/76)
Character Range: 26712–30058

Standards AG3
Presentation of Financial Statements AG7
Statement of financial position AG8
Income statement AG13
Statement of changes in member benefits AG18
Statement of changes in equity/reserves AG21
Assets and Liabilities Measured at Fair Value AG23
Measurement of Defined Benefit Member Liabilities AG25
Employer-sponsor Receivables AG27
Disclosures
Nature of income and expense items AG29
Member liabilities AG30
Disaggregated information AG33
Financial instruments AG36
Comparative information AG38
Related parties AG39
Insurance Arrangements AG40
Superannuation entities acting only as agents AG43
Superannuation entities as insurers AG44
Preparation and Presentation of Consolidated Financial Statements AG50

Appendix B
Application guidance
This appendix is an integral part of AASB 1056.

Definition of superannuation entity
AG1              This Standard applies to the general purpose financial statements of superannuation entities, as defined in Appendix A.  The definition of 'superannuation entity' includes regulated superannuation funds under the Superannuation Industry (Supervision) Act 1993 (SIS Act).  It also includes various public sector superannuation arrangements, but does not include pooled superannuation trusts.  Accordingly the term has a different meaning in this Standard from its meaning in the SIS Act.
AG2              In some cases, entities administering superannuation arrangements, particularly in the public sector, would need to consider the nature of their activities and the boundaries of their arrangements to determine whether they are superannuation entities that would apply this Standard.  They may instead be only custodial arrangements under which member liabilities rest directly and solely with employer-sponsors.

Compliance with principles and requirements in other Australian Accounting Standards (paragraphs 6 and 7)
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:
(a)                   measure financial assets at fair value and recognise fair value changes in the income statement and not apply AASB 9 Financial Instruments; which might otherwise require some financial assets to be measured at amortised cost or fair value through other comprehensive income; and
(b)                   disclose information about expenses in accordance with paragraphs 9 and 22 and need not disclose information in accordance with paragraphs 99-105 of AASB 101 Presentation of Financial Statements regarding an analysis of expenses.
AG4              Additionally, when the measurement principles in this Standard are different from the measurement principles in other Australian Accounting Standards, the disclosure requirements related to the measurement requirements in those other Australian Accounting Standards do not apply.  For example, a superannuation entity that holds plant and equipment is not required to disclose the carrying amounts that would have been recognised had the assets been measured under the cost model in accordance with paragraph