Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p7
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 7/76)
Character Range: 41614–44894

A receivable meeting the definition and recognition criteria for an asset in the Conceptual Framework for Financial Reporting would be measured at its intrinsic value.  That is, the difference between the defined benefit member liabilities and the amount of the other recognised assets held to meet those liabilities, unless the amount of the receivable is capped in some manner.
          AusCFAG28 Notwithstanding paragraph AG28, in respect of AusCF entities, a receivable meeting the definition and recognition criteria for an asset in the Framework for the Preparation and Presentation of Financial Statements would be measured at its intrinsic value.  That is, the difference between the defined benefit member liabilities and the amount of the other recognised assets held to meet those liabilities, unless the amount of the receivable is capped in some manner.

Disclosures (paragraphs 20 to 32)

Nature of income and expense items
AG29           To meet the objectives in paragraph 22, when relevant, the superannuation entity discloses:
(a)                   income by class, such as interest, dividends and rentals;
(b)                   net gain or loss arising from the remeasurement of assets and liabilities measured at fair value;
(c)                   net gain or loss attributable to liabilities and assets arising from insurance arrangements the superannuation entity provides to its members;
(d)                   administration expenses;
(e)                   investment expenses, such as investment manager fees, investment consultant fees and custodian fees;
(f)                    actuarial fees;
(g)                   audit fees;
(h)                   commissions paid directly by the superannuation entity;
(i)                     trustee fees and reimbursements; and
(j)                     sponsorship and advertising expenses.

Member liabilities
AG30           Paragraph 23 requires a superannuation entity to disclose information that provides users with a basis for understanding member liabilities.  Paragraph 24(a) requires a superannuation entity to treat its defined contribution member liabilities as being within the scope of AASB 7 for the purposes of disclosing information about credit risk, market risk and liquidity risk.  The fair value disclosure requirements of AASB 7 need not be applied in respect of member liabilities.
AG31           In applying the relevant principles and requirements of AASB 7 in respect of credit risk, market risk and liquidity risk, an entity would give consideration to the characteristics of member benefits in determining the information it would provide.  For example, the entity would consider disclosing:
(a)                   the mechanism by which market risk is passed on to members, such as through frequent crediting of member accounts; and
(b)                   how it manages the liquidity risk associated with meeting withdrawals and, when relevant, pension payments.
AG32           Paragraph 25(a)(iii) identifies disclosure of the sensitivity of defined benefit member liabilities to changes in key assumptions used in their measurement as being required to meet the objective of paragraph 23.  The subject of the disclosures is reasonably possible changes in the key assumptions.  When there