Superannuation entity model financial report
Financial reporting periods ending on or after 30 June 2024
Achieving best practice outcomes in superannuation entity financial reporting under the Corporations Act 2001
Bringing registrable superannuation entities into the scope of the financial reporting requirements of the Corporations Act 2001 for financial years ending 30 June 2024 onwards represents a significant change for superannuation funds, but also provides opportunities.
The new financial reporting requirements for superannuation entities are a timely opportunity to revisit their overall communication with members. Instead of seeing the new requirements as a compliance exercise, superannuation funds can revisit the content of their financial reporting, making it more relevant, focused on critical information, and understandable for members and potential members.
Superannuation funds can respond to this new environment by:
- Understanding the new requirements in practical terms, particularly new legal requirements for a directors’ report (including an audited remuneration report)
- Planning early for both financial reporting and climate-related financial disclosure requirements
- Identifying and addressing resourcing and knowledge gaps
- Focusing on member information needs and seeing corporate reporting as an integral part of communication and dialogue with them.
Note: This publication was originally issued in June 2023 and updated in April 2024 to reflect developments since its original publication.
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Alison White
Fiona O’Keefe
Vimbai Mhlanga
