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:
We’ve produced these model financial statements well in advance of the new requirements becoming effective, to assist in this process.
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