Document ID: chunk:federal_register_of_legislation:F2024L00075:front:0:p1
Version: federal_register_of_legislation:F2024L00075
Segment Type: other
Provision Reference: 
Character Range: 0–3421

AASB Standard  AASB 1056
               December 2023

Superannuation Entities

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2023

This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE
Comparison with IAS 26
Accounting Standard
AASB 1056 Superannuation Entities

from paragraph
Objective 1
Application 2
Compliance with Australian Accounting Standards 6
Presentation of Financial Statements 8
Income statement 9
Statement of changes in member benefits 11
Assets and Liabilities Measured at Fair Value 13
Member Liabilities
Recognition 14
Measurement 15
Employer-sponsor receivables
Recognition 18
Measurement 19
Disclosure 20
Nature of member benefits 21
Nature of income and expense items 22
Member liabilities 23
Employer-sponsor receivables 26
Net assets attributable to defined benefit members 28
Explaining changes in defined benefit member liabilities 30
Disaggregated financial information 32
Insurance Arrangements 33
Transition on Initial Application
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 38
Appendices
  A  Defined terms
  B  Application guidance
ILLUSTRATIVE EXAMPLES

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 1056 Superannuation Entities is set out in paragraphs 1 – 38 and Appendices A and B.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 1056 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Preface

Introduction
The Australian Accounting Standards Board (AASB) develops, issues and maintains Australian Accounting Standards, including Interpretations.  The AASB is a Commonwealth entity under the Australian Securities and Investments Commission Act 2001.
AASB 1057 Application of Australian Accounting Standards identifies the application of Standards to entities and financial statements.  AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements.

Purpose in developing AASB 1056
AASB 1056 was first issued in June 2014 to replace AAS 25 Financial Reporting by Superannuation Plans, which was