Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p5
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 5/76)
Character Range: 35731–38929

item might be positive or negative.
AG19           When a surplus in a defined benefit plan is being used to fund employer contributions to defined contribution members within the one superannuation entity, the entity determines the most relevant presentation in the statement of changes in member benefits in the circumstances.  That might include presenting a transfer from defined benefit member benefits to defined contribution member benefits as separate line items in relation to sources of contributions.
AG20           In relation to the net amount allocated to defined contribution member accounts, when appropriate, there shall be separate disclosure of net investment income and the administration costs charged to member accounts in the statement of changes in member benefits or in the notes to the financial statements.

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 79(a) and 80 of AASB 101, in relation to member liabilities.
AG22           Paragraph 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.

Assets and liabilities measured at fair value (paragraph 13)
AG23           This Standard requires assets and liabilities, other than member liabilities, tax assets and liabilities, acquired goodwill and insurance assets and liabilities, to be measured at fair value with fair value changes recognised through the income statement.  This would include:
(a)                   financial assets and liabilities, including derivatives;
(b)                   investment property; and
(c)                   property, plant and equipment.
AG24           In determining the fair value measurements and accounting for any transaction costs, a superannuation entity applies the relevant principles and requirements in other applicable Australian Accounting Standards, including in particular AASB 13 Fair Value Measurement.  Superannuation entities shall not apply AASB 5 Non-current Assets Held for Sale and Discontinued Operations.

Measurement of defined benefit member liabilities (paragraph 17)
AG25           The amount of defined benefit member liabilities measured in accordance with paragraph 17 is a present value based on a portfolio of investments estimated to yield future net cash inflows that would be sufficient to meet accrued benefit payments when they are expected to fall due.  In this context:
(a)                   the amount relates to members' service up to the reporting date;
(b)                   it