Description
This Circular outlines the accounting treatment for superannuation for financial years ending on or after 30 June 2018. This Circular applies to all entities that are reporting GSF agencies within the meaning of section 7.3 of the Government Sector Finance Act 2018, and to the accountable authorities for those reporting GSF agencies. For the avoidance of doubt, this Circular does not apply to universities and their controlled entities, or to their accountable authorities. This Circular withdraws and supersedes the previous circular TC17-07 Accounting for Superannuation.
Attachments
Detailed Outline
Summary:
This Treasury Circular outlines the accounting treatment for superannuation for NSW public sector entities, in accordance with Australian Accounting Standards. This Circular applies to NSW public sector entities including Statutory State Owned Corporations (SOCs), for financial years ending on or after 30 June 2018.
This Circular incorporates the additional disclosures based on AASB 1056 Superannuation Entities (AASB 1056) effective from FY 2016-17. This Circular mandates the AASB 1056 disclosures to all NSW public sector entities whose superannuation has not been assumed by the Crown. The main change to this Circular is the change in discount rate for the defined benefit superannuation plan of Statutory SOCs and other for-profit entities from government bond rate to high quality corporate bond rates effective from FY 2017-18.
The accounting treatment for superannuation will vary depending on whether it relates to a defined contribution or defined benefit plan, and whether the defined benefit liability is assumed by the Crown.
This Circular withdraws and supersedes TC17-07 Accounting for Superannuation.
Overview
Who needs to know and/or comply with this?
- Departments
- Executive agencies related to Departments
- State Owned Corporations
- Statutory Authorities/Bodies
- Subsidiaries of the NSW Government established under the Corporations Act
Compliance
- Mandatory
AR Details
- Date Issued
- Jun 15, 2018
- Review Date
- Jun 15, 2022
- Replaces
- Replaced By
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Contacts
- Contact
- Phone
- Publishing Entity
- The Treasury
- Issuing Entity
- The Treasury