Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p136
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 379043–382182

Standard does not present a single statement of profit or loss and comprehensive income, or a statement of profit or loss and a separate income statement presenting and statement of comprehensive income, in accordance with AASB 18AASB.

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Statement of changes in equity/reserves

     AG21 Under this Standard, the interests of members of superannuation entities are liabilities and are not regarded as meeting the definition of an 'equity instrument' in paragraph 11 of AASB 132 Financial Instruments: Presentation, which is "any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities". Superannuation entities would not disclose 'equity' information equivalent to that required by paragraphs 130(a) and 131 of AASB 18 79(a) and 80 of AASB 101, in relation to member liabilities.

     AG22 Paragraph 7 of AASB 18 6 of AASB 101 notes: entities that do not have equity as defined in AASB 132 may need to adapt the financial statement presentation of members' interests. Consistent with this notion, superannuation entities need to exercise judgement in preparing the statement of changes in equity/reserves, including the title and content of that statement.

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Disclosures (paragraphs 20 to 32)

Comparative information

     AG38 In complying with the comparative information requirements of AASB 18 AASB 101 a superannuation entity discloses:

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AASB 1057 Application of Australian Accounting Standards (July 2015)
Paragraphs 7 and 20C are amended. New text is underlined and deleted text is struck through.

Application of Australian Accounting Standards

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     7  Except as specified in paragraph 20C, AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors and AASB 1048 Interpretation of Standards apply to:

          (a)  each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;

          (b)  general purpose financial statements of each not-for-profit entity that is a reporting entity;

          (c)  each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements;

          (d)  for-profit private sector entities that are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and

          (e)  other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.

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     20C  Entities applying AASB 1060 are not required to apply the following Australian Accounting Standards:

          (a)  AASB 7 Financial Instruments: Disclosures;

          (b)  AASB 12 Disclosure of Interests in Other Entities;

          (ba) AASB 18