Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p41
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 123668–127048

a defined contribution plan because sufficient information is not available to use defined benefit accounting (see paragraph 34 of AASB 119), it shall disclose the fact that it is a defined benefit plan and the reason why it is being accounted for as a defined contribution plan, along with any available information about the plan's surplus or deficit and the implications, if any, for the entity. [IFRS for SMEs Standard paragraph 28.40]

Disclosures about defined benefit plans
      1.                  An entity shall disclose the following information about defined benefit plans (except for any defined multi-employer benefit plans that are accounted for as a defined contribution plans in accordance with paragraph 34 of AASB 119, for which the disclosures in paragraph 172 apply instead). If an entity has more than one defined benefit plan, these disclosures may be made in total, separately for each plan, or in such groupings as are considered to be the most useful:
           1.                    a general description of the type of plan, including funding policy;
           2.                    a reconciliation of opening and closing balances of the defined benefit obligation showing separately benefits paid and all other changes;
           3.                    a reconciliation of the opening and closing balances of the fair value of plan assets and of the opening and closing balances of any reimbursement right recognised as an asset, showing separately, if applicable:
                1.                      contributions;
                2.                    benefits paid; and
                3.                  other changes in plan assets;
           1.                    the total cost relating to defined benefit plans for the period;
           2.                    for each major class of plan assets, which shall include, but is not limited to, equity instruments, debt instruments, property, and all other assets, the percentage or amount that each major class constitutes of the fair value of the total plan assets at the reporting date;
           3.                     the amounts included in the fair value of plan assets for:
                1.                      each class of the entity's own financial instruments; and
                2.                    any property occupied by, or other assets used by, the entity.
           1.                    the actual return on plan assets; and
           2.                    the principal actuarial assumptions used, including, when applicable:
                1.                      the discount rates;
                2.                    the expected rates of return on any plan assets for the periods presented in the financial statements;
                3.                  the expected rates of salary increases;
                4.                  medical cost trend rates; and
                5.                    any other material actuarial assumptions used.
     The reconciliations in (b) and (c) need not be presented for prior periods. A subsidiary that recognises and measures employee benefit expense on the basis of a contractual agreement or stated policy for charging the net defined benefit cost or based on their contributions payable for the period (see paragraph 41 of AASB 119), shall, in its separate financial statements, describe the contractual