Public Governance, Performance and Accountability (Financial Reporting) Rule 2015
25Measurement and disclosure of post employment plans
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25 Measurement and disclosure of post employment plans
Guide to this section
The purpose of this section is to specify the reporting requirements for superannuation or similar obligations.
(1) For plans where the actuarial risk (shortfall risk) falls on the entity, the reporting entity must account for them as defined benefit plans. Public Sector Superannuation Scheme (PSS), Commonwealth Superannuation Scheme (CSS) and military superannuation schemes (including the Military Superannuation and Benefits Scheme (MSBS)) (3) The Australian Government has a legal liability to meet the deficits of the PSS, CSS and military superannuation schemes; and as such liabilities related to these schemes are reported on behalf of the Australian Government in the administered reports of: (a) Finance (for PSS and CSS); or (b) Department of Defence (for military superannuation schemes). (4) Reporting entities making contributions for employees to the PSS, CSS and military superannuation schemes must: (a) account for and make the required disclosures in accordance with AASB 119 as if they were contributing to defined contribution plans; and (b) disclose the following facts and reference: (i) that the entity is accounting for the scheme as a defined contribution plan; (ii) that at the whole of Government level the scheme is a defined benefit plan and is accounted for as such; and (iii) a reference to the financial statements in which the defined benefit disclosures have been or will be made. (4A) Despite subsection (4), reporting entities participating in the PSS and CSS schemes must not account for additional lump sum payments (which are not considered compensation under AASB 124) that are payable to Finance in relation to those schemes. (5) Reporting entities participating in the PSS and CSS schemes must reference the administered disclosures made in Finance’s financial statements for these schemes. Finance’s financial statements do not need to be published for these references to be made.