Australian Government
Australian Accounting Standards Board
Thursday, December 21, 2023
The AASB has reissued AASB 1056 to support compliance with the Standard by superannuation entities when they prepare financial reports under their new Corporations Act 2001 reporting requirements.
The replacement Standard includes the same substantive requirements as the existing AASB 1056. However, this version will be registered on the Federal Register of Legislation as a legislative instrument. This will ensure that superannuation entities are able to comply with this Standard, even where it has differing requirements to other Australian Accounting Standards.
The replacement Standard applies to periods beginning on or after 1 July 2023 that end on or after 31 December 2023. This means that the Standard will apply to the regular 2023/24 financial year, for example.