Presentation of Financial Statements (AASB1056_06-14_COMPmay19_01-20)

A superannuation entity shall present:

(a) a statement of financial position as at the end of the reporting period;

(b) an income statement for the period;

(c) a statement of changes in equity/reserves for the period;

(d) a statement of cash flows for the period;

(e) a statement of changes in member benefits for the period; and

(f) notes to the financial statements.

The income statement shall include line items that present, when applicable, the following amounts for the period:

(a) income, in aggregate or subclassified, subject to paragraph 10;

(b) expenses, in aggregate or subclassified, subject to paragraph 10;

(c) net benefits allocated to defined contribution member accounts;

(d) the net change in defined benefit member liabilities;

(e) net result, subject to paragraph 10; and

(f) income tax expense or benefit attributable to net result.

When a superannuation entity acts in the capacity of an insurer in respect of defined contribution members, the income statement or notes to the financial statements shall separately present insurance premiums, claim expenses, reinsurance expenses, reinsurance recoveries, and the net result from insurance activities.

A statement of changes in member benefits shall present opening and closing balances for member liabilities and, when applicable, include the following line items for the period:

(a) employer contributions;

(b) member contributions;

(c) taxes on contributions;

(d) benefits transferred into the entity from other superannuation entities;

(e) benefits to members or their beneficiaries;

(f) insurance premiums charged to defined contribution member accounts;

(g) net benefits allocated to defined contribution member accounts;

(h) net changes to defined benefit member accrued benefits; and

(i) amounts allocated to members from reserves.

Current tax and deferred tax shall be charged or credited directly to member liabilities and presented in the statement of changes in member benefits when the tax relates to items that are credited or charged, in the same or a different period, directly to member liabilities.