Document ID: chunk:federal_register_of_legislation:F2024L00075:front:0:p3
Version: federal_register_of_legislation:F2024L00075
Segment Type: other
Provision Reference: 
Character Range: 5920–9001

periods beginning on or after 1 July 2016, the comparison has no continuing relevance.
The AASB is also currently undertaking a post-implementation review of AASB 1056.  That work will identify whether changes are required to the substantive requirements of the Standard.

Application date
This Standard applies to annual reporting periods beginning on or after 1 July 2023 that end on or after 31 December 2023.  Earlier application is permitted for periods beginning before 1 July 2023.

Comparison with IAS 26
AASB 1056 Superannuation Entities was developed by the Australian Accounting Standards Board (AASB) to replace AAS 25 Financial Reporting by Superannuation Plans.
IAS 26 Accounting and Reporting by Retirement Benefit Plans was originally issued by the International Accounting Standards Committee in January 1987 and adopted by the International Accounting Standards Board in April 2001.  When Australia first adopted International Financial Reporting Standards in 2005, AAS 25 was considered to be more appropriate for Australian superannuation entities than IAS 26.  The AASB considers that the AASB's reasons for not adopting IAS 26 remain valid in respect of AASB 1056.  Those reasons are outlined in paragraphs BC7 to BC11 of the Basis for Conclusions.
The main differences between AASB 1056 and IAS 26 include the following.
     (a)                    AASB 1056 requires the presentation of a comprehensive set of financial statements for superannuation entities, whether they constitute one or more superannuation plans and whether they have defined contribution members or defined benefit members, or both.  In contrast, IAS 26 requires a defined contribution plan to present a statement of net assets available for benefits, and permits a defined benefit plan to present either:

          (i)                     a statement showing net assets available for benefits, the actuarial present value of promised retirement benefits, and the resulting excess or deficit; or
          (ii)                   a statement of net assets available for benefits including either a note disclosing the actuarial present value of promised retirement benefits, or a reference to this information in an accompanying actuarial report;
     (b)                   AASB 1056 requires most assets to be measured at fair value, whereas IAS 26 permits investment assets to be measured at an amount other than fair value when "an estimate of fair value is not possible"; and

     (c)                    AASB 1056 requires measurement of defined benefit member liabilities to involve assumptions that would include projected salary levels, whereas IAS 26 permits the actuarial present value of promised retirement benefits to be based on either current or projected salary levels.

Accounting Standard AASB 1056
The Australian Accounting Standards Board makes Accounting Standard AASB 1056 Superannuation Entities under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 18 December 2023 Chair – AASB

Accounting Standard AASB 1056

Superannuation Entities

Objective