Contrary to the findings of earlier research, this paper reports a low and declining level of voluntary compliance with important reporting provisions of AAS 25. Implications for AAS 25 of new “competing” government‐backed financial reporting regulations are also investigated. Examination of both “formal” annual accounts and “informal” member reports of various types of superannuation funds issued during 1991‐93 shows that many funds did not distribute AAS 25 reports to their members and, in fact, received very few requests for t