Superannuation Entities – Fatal-Flaw Review version of a reissued AASB 1056 open for comment

Wednesday, May 17, 2023

The Fatal-Flaw Review version is open for comment to the AASB until 15 June 2023.  No substantive amendments are proposed, since a Post-implementation Review of AASB 1056 is also underway as a separate project.

AASB 1056 is to be reissued by the AASB as a legislative instrument under section 334 of the Corporations Act 2001.  This is in response to forthcoming amendments to the Corporations Act that will require registrable superannuation entities to prepare annual financial statements that comply with Australian Accounting Standards and lodge them on the public record with the Australian Securities and Investments Commission.

To be consistent with the expected application of the Corporations Act amendments from the 2023/24 financial year, the Fatal-Flaw Review version proposes the application of the reissued Standard to annual reporting periods beginning on or after 1 July 2023.

The proposed Corporations Act amendments are set out in the Treasury Laws Amendment (2022 Measures No. 4) Bill 2022.

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