Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p4
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 4/76)
Character Range: 32899–35997

of benefits in accordance with paragraph 32.
AG11           Superannuation entities would be expected to present the various classes of their investments in a meaningful way, consistent with the requirements of AASB 101.
AG12           Judgement needs to be exercised in the context of a superannuation entity about how to describe investments presented in its statement of financial position so as to explain the nature of investments to users.  For example, an investment in a unit trust might need to be described so as to reflect the nature of the assets underlying the unit trust.

Income statement
AG13           Revenues and expenses are presented in relevant subclassifications in the income statement or notes to the financial statements.
AG14           Gains and losses arising from the remeasurement of assets and liabilities measured at fair value are included in the income statement.  An example of a liability measured at fair value is a derivative financial instrument that is a liability.
AG15           The income tax expense or benefit attributable to profit or loss does not include the taxes levied on concessional contributions, which is included in the statement of changes in member benefits and impacts on the amount of net benefits allocated to members.
AG16           The net change in defined benefit member liabilities for a period is the difference between the opening and closing balances of the defined benefit member liabilities for the period, after adjusting for inwards and outwards movements, including:
(a)                   contributions;
(b)                   tax on contributions;
(c)                   benefits to members; and
(d)                   transfers between reserves and accrued benefits.
AG17           A superannuation entity that presents an income statement in accordance with this Standard does not present a single statement of comprehensive income, or separate income statement and statement of comprehensive income, in accordance with AASB 101.

Statement of changes in member benefits
AG18           In the context of the line items that might appear in a statement of changes in member benefits in accordance with paragraph 11:
(a)                   employer contributions include both routine contributions and any 'top-up' contributions made to fund defined benefit member liabilities;
(b)                   net benefits allocated to defined contribution members include the investment returns and fair value movements allocated to these members – the line item might be positive or negative; and
(c)                   net changes to defined benefit members may include a number of components because the service element for a period might be different from actual contributions for that period and because of the interest cost associated with the liability – the line 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