ITC 54 Post-implementation Review of AASB 1056 Superannuation Entities and Interpretation 1019 The Superannuation Contributions Surcharge

Tuesday, July 11, 2023

Your feedback is requested to inform the post-implementation review of AASB 1056 Superannuation Entities and Interpretation 1019 The Superannuation Contributions Surcharge.

AASB 1056 was issued to address matters of relevance to superannuation entities, including focusing on member benefits and limiting the accounting policy choices available in applying other Accounting Standards.  It has applied to Registerable Superannuation Entities since 2016.

Interpretation 1019 was issued to address the accounting for the surcharge that applied to higher income earners between 1996 and 2005.

As part of the post-implementation review process, ITC 54 is seeking feedback on whether there are requirements or guidance that might need to be added, removed or amended based on application experience and changes in the industry.

Specifically, ITC 54 seeks feedback on the following topics:

• Level of reporting and sub-fund reporting;
• Statement of changes in member benefits;
• Classification/disclosure of revenue and expenses;
• Fair value asset measurement;
• Insurance arrangements;
• Subsidiaries;
• Trends affecting superannuation entity reporting;
• Interpretation 1019; and
• Any other matters affecting AASB 1056 and Interpretation 1019.

Please submit your comments to the AASB by 10 November 2023, via the AASB website or email to [email protected].