Applying conceptual framework principles to superannuation fund accounting

Gallery, Gerry T. & Gallery, Natalie (2004) Applying conceptual framework principles to superannuation fund accounting. Abacus, 40(1), pp. 117-131.

View at publisher


The Australian accounting standard AAS 25 Financial Reporting by Superannuation Plans was the first pension accounting standard internationally to apply established conceptual framework (CF) principles. In Australia those principles have guided standard setting for more than a decade. However, AAS 25 has been criticized for failing to provide useful financial information. The analysis provided in this paper addresses this paradox. The findings reveal major anomalies in AAS 25 associated with the treatment of accrued benefits that distort financial position and performance measures. The conceptual flaws in the standard are attributed to the misapplication of CF principles and an absence of adequate guidance in the CF for non-corporate entities such as superannuation funds. Distorted financial information produced by superannuation plans has potential undesirable taxation and social outcomes. Consequently, there is an urgent need to update the Australian and international conceptual frameworks to provide guidance for revising accounting standards that better reflect current fiduciary and ownership relationships in non-corporate entities such as superannuation funds.

Impact and interest:

Search Google Scholar™

Citation counts are sourced monthly from Scopus and Web of Science® citation databases.

These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.

Citations counts from the Google Scholar™ indexing service can be viewed at the linked Google Scholar™ search.

Full-text downloads:

1,299 since deposited on 04 Sep 2006
101 in the past twelve months

Full-text downloads displays the total number of times this work’s files (e.g., a PDF) have been downloaded from QUT ePrints as well as the number of downloads in the previous 365 days. The count includes downloads for all files if a work has more than one.

ID Code: 4926
Item Type: Journal Article
Refereed: Yes
Keywords: Superannuation accounting, Pension accounting, AAS 25, Conceptual framework, Accounting standards
DOI: 10.1111/j.1467-6281.2004.00146.x
ISSN: 0001-3072
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Financial Accounting (150103)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2004 Blackwell Publishing
Copyright Statement: The definitive version is available at
Deposited On: 04 Sep 2006 00:00
Last Modified: 23 Jun 2017 14:38

Export: EndNote | Dublin Core | BibTeX

Repository Staff Only: item control page