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- Title
Inadequacies and Inconsistencies in Superannuation Fund Financial Disclosure: The Need for a Principles-Based Approach.
- Authors
Gallery, Gerry; Gallery, Natalie
- Abstract
The article focuses on inadequacies and inconsistencies in superannuation fund financial disclosure. Since the late 1980s, regulation of superannuation fund disclosure has developed on a largely ad hoc basis. Occupational Superannuation Standards Act (OSSA) Legislative requirements for funds to prepare fund financial reports were established in 1987 by the OSSA. The OSSA was amended in 1992 requiring funds to provide annual reports to members containing a range of information, including financial information, funds could either include the full audited financial report or abridged financial information using the prescribed format of a statement of net assets and statement of changes in net assets. Accounting standards setters have focused principally on improving financial reporting by corporate entities and have attempted to apply similar principles to non-corporate entities, such as superannuation funds, but such attempts are inconsistent and incomplete. As an outcome of the political process of standard setting, the superannuation fund accounting standard is a compromise which is conceptually flawed because at the time the standard was developed the standard setters attempted to cater to the demands of the superannuation industry.
- Subjects
AUSTRALIA; PENSIONS; FINANCIAL disclosure; ASSETS (Accounting); FINANCE; ACCOUNTING methods
- Publication
Australian Economic Review, 2003, Vol 36, Issue 1, p89
- ISSN
0004-9018
- Publication type
Article
- DOI
10.1111/1467-8462.00269