Register / AASB 18 Presentation and Disclosure in Financial Statements / AASB 18 paragraph Aus47.1
Do not force the AASB 18 categories onto a superannuation statement
The entity does not split income and expenses across the three AASB 18 activity categories in its income statement. It does not apply the listed paragraphs and application guidance, and it reads any reference to operating expenses as the expenses shown in that statement.
Why the paragraph exists
The AASB 1056 format replaces the AASB 18 category model for a superannuation entity. The paragraph is a switch-off, and the switch-off list is specific.
In practice
Take last year's income statement and strike out every category heading and every paragraph 69 subtotal. What remains should be the AASB 1056 format. If a line has no home, the mapping is incomplete.
Give the preparer the switch-off list as a checklist with a tick per paragraph. Saying the categories were not applied is not evidence that paragraphs 48 to 66 were considered.
The mistake to avoid
The common mistake is to remove the headings but keep an operating subtotal because the board pack still asks for one.
Who it binds
A superannuation entity applying AASB 1056.
What to do before the date
- Confirm the entity falls in this group: Superannuation entity.
- Put the requirement into the financial statements preparation plan: do not force the aasb 18 categories onto a superannuation statement.
- Open a workpaper for the first evidence item: The statement of profit or loss showing the AASB 1056 format and no operating, investing or financing section headings.
Evidence an auditor will ask for
Dates
| Date | What it means | Applies to |
|---|---|---|
| 2027-12-31 | The instrument commences for this paragraph | superannuation |
| 2028-01-01 | First annual periods beginning on or after this date apply the Standard | superannuation |
Commencement and application are separate tests.
Cross-references
- AASB 1056 paragraphs 9 to 12 and 10A
- AASB 18 paragraphs 47 to 74 and B29 to B77
Record note
The paragraph still requires all items of income and expense to be included in the statement of profit or loss under paragraph 46.
Questions
What does AASB 18 paragraph Aus47.1 require in practice?
Take last year's income statement and strike out every category heading and every paragraph 69 subtotal. What remains should be the AASB 1056 format. If a line has no home, the mapping is incomplete.
What is the common mistake under AASB 18 paragraph Aus47.1?
The common mistake is to remove the headings but keep an operating subtotal because the board pack still asks for one.
What evidence should be kept?
At least: The statement of profit or loss showing the AASB 1056 format and no operating, investing or financing section headings.; A paragraph-by-paragraph switch-off checklist covering paragraphs 48 to 66, 69(a), 69(b), 70 to 71, 73 to 74 and B29 to B77. The kit carries each one as a row with an owner column to complete.
Source
This page is our statement of the paragraph, cited so you can check it. Read F2026L01162 on legislation.gov.au.
Source pointer: AASB 18 paragraph Aus47.1. Record retrieved 2026-10-20.