Financial Sector (Collection of Data) determination No. 52 of 2005
13.0Liability for accrued benefits
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13.0 Liability for accrued benefits
Report value of members’ accrued benefits as at the reporting date. This is to be determined in accordance with the requirements of current Australian Accounting Standards.
Accumulation/defined contribution superannuation entities
The liability for accrued benefits for a defined contribution superannuation entity is the superannuation entity’s present obligation to pay benefits to members and beneficiaries in the future and is calculated as the difference between the carrying amounts of the assets and the carrying amounts of the liabilities as at the reporting date.
Important!
Accrued benefits under SRF 240.0 Membership Profile Part C item 2.1 should be equal to those reported under SRF 210.0 Statement of Financial Position item 13 relating to defined contribution members.
Defined benefit superannuation entities
Accrued benefits of a defined benefit superannuation entity shall be measured, using actuarial assumptions and valuations where appropriate, as the present value of expected future payments to members arising from membership of the superannuation entity up to the measurement date.
A formal actuarial review for defined benefit superannuation entities is completed at least every three years under SIS Regulation 9.29. APRA is not advocating that superannuation entity must complete these on a more frequent basis than is required under SIS.
Accordingly, for financial years in between the formal actuarial valuations, this item should be filled out by reporting the difference between the carrying amounts of the assets and the carrying amounts of the liabilities as at the year end reporting date i.e. the value reported in item 12 ‘Net assets available to pay benefits’. In this event, $Nil figures should be entered at both item 14 ‘Reserves’ and item 15 ‘Excess/deficiency of assets’.
Important!
Accrued benefits under SRF 240.0 Membership Profile Part C item 1.1 should be equal to those reported under SRF 210.0 Statement of Financial Position item 13 relating to defined benefit members.