There are no accounting requirements relating to how superannuation plans should account for the plan's assets,liabilities,expenses and revenues.

Question

Quizplus · Accepted Answer

There are accounting standards issued by the Australian Accounting Standards Board (AASB) that provide guidance on the accounting for superannuation plans, including AASB 1056 Superannuation Entities and AASB 119 Employee Benefits. These standards outline requirements for the recognition, measurement, presentation and disclosure of assets, liabilities, expenses and revenues of superannuation plans.

There Are No Accounting Requirements Relating to How Superannuation Plans