Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p3
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 3/76)
Character Range: 29806–33173

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 77(e) of AASB 116 Property, Plant and Equipment.
AG5              When a superannuation entity applies the recognition and measurement principles and requirements in other Australian Accounting Standards, the entity would also apply any relevant disclosure principles and requirements contained in those other Standards unless they are specifically modified by this Standard.  Australian Accounting Standards that contain disclosure principles and requirements, some or all of which a superannuation entity would apply, when relevant, include but are not limited to the following:
(a)                   AASB 7 Financial Instruments: Disclosures;[1]
(b)                   AASB 12 Disclosure of Interests in Other Entities;
          (ba) AASB 15 Revenue from Contracts with Customers;
(c)                   AASB 101 Presentation of Financial Statements;
(d)                   AASB 107 Statement of Cash Flows;
(e)                   AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;
(f)                    AASB 110 Events after the Reporting Period;
(g)                   AASB 112 Income Taxes;
(h)                   [deleted]
(i)                     AASB 124 Related Party Disclosures.
AG6              When a superannuation entity applies other Australian Accounting Standards, the entity also applies relevant Australian Interpretations listed in AASB 1048 Interpretation of Standards.

Presentation of financial statements (paragraphs 8 to 12)
AG7              Consistent with AASB 101, alternative titles can be used for the financial statements to suit the circumstances.  For example, the statement of changes in equity might be better described as a statement of changes in reserves in some circumstances.

Statement of financial position
AG8              Where a superannuation entity's total assets differs from its total liabilities (including defined contribution member liabilities, defined benefit member liabilities and any obligations to employer-sponsors), the difference is classified as equity and presented in accordance with applicable Australian Accounting Standards.  In these circumstances, consistent with paragraph 55 of AASB 101, the entity may need to present additional line items, headings and subtotals in the statement of financial position when such presentation is relevant to an understanding of the entity's financial position.
AG9              Differences between the total assets and total liabilities of a superannuation entity commonly arise in relation to matters such as operational risk reserves and, in respect of defined benefit members, due to factors such as differences between actual and assumed experience.
AG10           A superannuation entity that has both defined contribution and defined benefit members would present separately its obligations for the two types of benefits in accordance with paragraph 32.
AG11           Superannuation entities would be expected to present the various classes of their investments in a meaningful way, consistent with the requirements of AASB 101.
AG12           Judgement needs to be exercised in the