Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p173
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 483916–486176

pronouncements applicable to the superannuation industry as circumstances change, such as changes in:
(a)                    prudential, governance and tax legislation;
(b)                   Accounting Standards; and
(c)                    superannuation products.
BC17            The AASB considered there may be issues that need to be clarified in applying AASB 18 to superannuation entities, which could include clarifying how the income statement categorisations might affect the presentation of line items in the statement of changes in member benefits.

     Effective date

BC18            In view of the further due process planned to consider potential modifications of AASB 18 for application by not-for-profit private sector entities, not-for-profit public sector entities and superannuation entities, the AASB decided that the effective date of AASB 18 for such entities would be annual periods beginning on or after 1 January 2028 (instead of 1 January 2027), with earlier application permitted. The AASB considered that these entities should have an implementation period for applying AASB 18, including any modifications the AASB may make to AASB 18, similar to that for for-profit entities preparing Tier 1 GPFS.

Entities preparing Tier 2 GPFS
BC19            AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities maximises the use of relevant International Financial Reporting Standards requirements reflected in the IFRS for SMEs Standard. At the time of issuing IFRS 18, the IASB was undertaking a project to develop the third edition of the IFRS for SMEs Standard. However, the IASB decided not to consider alignment with IFRS 18 in that project.
BC20            Accordingly, the AASB decided to undertake stakeholder outreach to gather feedback on whether any of the presentation and disclosure requirements introduced in AASB 18 would be relevant for entities preparing Tier 2 GPFS. AASB 1060 would only be amended following appropriate due process.
[1]  Previously AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.
    AusCF[2] The Framework for the Preparation and Presentation of Financial Statements was amended by the AASB in December 2013.