Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p65
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 65/76)
Character Range: 217784–220855

the same concerns with the proposals as were expressed in relation to the ED 179 proposals.
BC213        In redeliberating its approach, the AASB noted that the role of a trustee in a superannuation entity differs from the role of a chief operating decision maker in the context of AASB 8, and the main focus in a superannuation entity context should be on information about different categories of members.  Accordingly, the AASB concluded there should be no specific disaggregated information disclosure requirements, but there should be a general requirement to disclose disaggregated information when that would help to explain the risks to which different categories of members are exposed.

Expected rates of return
BC214        The AASB considered whether a superannuation entity should be required to disclose its expected rates of return.  The AASB noted other Australian Accounting Standards do not typically require 'forecast-type' information and that requiring disclosure of expected rates of return in the context of member investment choice would arguably not be helpful.  Accordingly, the AASB concluded that AASB 1056 should not require expected rates of return disclosure.

Member liabilities
BC215        The nature of a defined contribution member liability differs from the nature of a defined benefit member liability.  As these differences are likely to affect a user's understanding of a superannuation entity's member liabilities, the AASB concluded a superannuation entity should disclose information that provides users with a basis for understanding the entity's member liabilities.
BC216        AAS 25 required disclosure of defined benefit members' vested benefits at the end of the period.  The AASB considered the merits of continuing to require this information and concluded that it is useful information to users because:
(a)                   items that may be regarded as analogous to vested benefits are reported by other entities.  For example, 'demand deposits' are reported by banks; and
(b)                   vested benefits may be regarded as akin to the current portion of defined benefit member liabilities, and AASB 101 includes classification requirements for separate presentation of current and non-current liabilities.

AASB 119 requirements
BC217        The AASB considered whether the disclosures required in AASB 119 about member benefits should be required of superannuation entities.  This included considering proposals in AASB ED 195, which incorporated the IASB's ED/2010/3 Defined Benefit Plans – Proposed amendments to IAS 19 (May 2010) as a part of a project to improve accounting for employee benefits.  Consistent with ED 195, ED 179 and ED 223 proposed a superannuation entity disclose the main components of any remeasurement changes in defined benefit liabilities, including benefit cost, interest cost and actuarial gains and losses.
BC218        However, ED 179 and ED 223 did not incorporate some other ED 195 disclosure proposals, including disclosure of defined benefit member liabilities adjusted to