The most significant change in over 20 years to superannuation fund reporting occurred with the introduction of AASB 1056 Superannuation Entities for financial years ending 30 June 2017. This standard will radically change the face of financial statements to align it with more familiar IFRS concepts.
The financial statements for a superannuation fund will now look more like a typical investment fund than previously with contributions from members no longer being considered revenue but capital contributions. They will also include a statement of changes in equity, and statement of changes in member’s benefits, in addition to the traditional statement of financial position, income statement and cashflow statement currently prescribed under AAS 25.
Reporting Update 15RU-008 provides an overview of the new requirements and major impacts of applying AASB 1056 Superannuation Entities for the first time.
Example Superannuation Series assists in preparing annual financial reports for superannuation entities in accordance with the new AASB 1056 Superannuation Entities (AASB 1056) and Australian Accounting Standards (AASBs). This publication illustrates one possible format for the financial statements of a public offer defined contribution superannuation fund and a public offer hybrid superannuation fund, which consists of both a defined benefit section and a defined contribution section. These are based on fictitious superannuation funds. The funds presented in this publication are not first-time adopters of AASBs.
The Appendix provides examples of how KPMG’s Example Hybrid Superannuation Fund Annual Financial Report can be reduced and reconfigured in a de-cluttered Annual Financial Report.