To safeguard the interest of the members of a superannuation fund certain regulatory frameworks are designed and the adequacy of such frameworks are considered as great concerns across the globe. However, there further regulations are in demand due to factors such as corporate collapses, decline in returns for superannuation investments, changing preferences of members and so on. Therefore, there is existence of different regulations that are regulated via diverse regulatory bodies. Yet, inconssistencies is still exists.

Research on the above idea and write outlining the following points:

a) Discuss the inconsistencies that can prevail in the regulatory frameworks of superannuation fund reporting?

b) Suggest whether superannuation funds can improve on these inconsistencies discussed in part (a) by regulating a principal-based approach to enhance financial reporting.