Reserve Bank of Australia Annual Report 2011
Reserve Bank of Australia Annual Report 2011
Reserve Bank of Australia Annual Report 2011
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(h) Superannuation funds<br />
The RBA includes in its balance sheet an asset representing the position <strong>of</strong> its defined benefit superannuation<br />
funds. Actuarial gains and losses are included in the asset in accordance with the ‘corridor’ approach under<br />
AASB 119 – Employee Benefits. The counterpart to the superannuation asset is the <strong>Reserve</strong> for Unrealised Pr<strong>of</strong>its<br />
on Superannuation. Actuarial gains and losses in excess <strong>of</strong> 10 per cent <strong>of</strong> the greater <strong>of</strong> the funds’ assets or its<br />
defined benefit obligations are charged or credited to income in subsequent years over the expected average<br />
remaining working life <strong>of</strong> members. Details <strong>of</strong> the superannuation funds and superannuation expenses are<br />
included in Note 14.<br />
(i) Rounding<br />
Amounts in the financial statements are rounded to the nearest million dollars unless otherwise stated.<br />
(j) New Accounting Standards<br />
A number <strong>of</strong> new accounting standards and amendments to current standards may be applied from 1 July <strong>2011</strong>.<br />
The main changes relevant to the RBA relate to: AASB 2009-5 – Further Amendments to <strong>Australia</strong>n Accounting<br />
Standards arising from the <strong>Annual</strong> Improvement Project; AASB 9 – Financial Instruments; and Revised<br />
AASB 124 – Related Party Disclosures. These changes are not expected to have a material effect on the RBA’s<br />
financial statements or the notes to the accounts.<br />
<strong>Annual</strong> report <strong>2011</strong> | notes to the financial statements<br />
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