Consensus
8
The obligation in respect of the superannuation contributions surcharge gives rise to a liability and an expense of a superannuation plan.
9
A superannuation plan shall recognise a liability for the superannuation contributions surcharge when the entity has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
10
The financial statements shall disclose:
(a) the accounting policy adopted for the recognition of the liability for the superannuation contributions surcharge;
(b) the amount of the superannuation contributions surcharge recognised as an expense during the reporting period;
(c) the amount of the liability for the superannuation contributions surcharge recognised as at the end of the reporting period; and
(d) whether any unrecognised liability for the superannuation contributions surcharge exists as at the end of the reporting period, stating the reasons for not recognising the liability.