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Defined benefit plans are post-employment benefit plans other than defined contribution plans. …

Multi-employer plans are defined contribution plans (other than state plans) or defined benefit plans (other than state plans) that: (a) pool the assets contributed by various entities that are not under common control; and (b) use those assets to provide …

The net defined benefit liability (asset) is the deficit or surplus, adjusted for any effect of limiting a net defined benefit asset to the asset …

The deficit or surplus is: (a) the present value of the defined benefit obligation less (b) the fair value of plan assets (if any). …

The asset ceiling is the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the …

The present value of a defined benefit obligation is the present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior …

Plan assets comprise: (a) assets held by a long-term employee benefit fund; and (b) qualifying insurance policies. …

Assets held by a long-term employee benefit fund are assets (other than non-transferable financial instruments issued by the reporting entity) that: (a) are held by an entity (a fund) that is legally separate from the reporting entity and exists solely to …

A qualifying insurance policy is an insurance policy [1] , [Aus1] issued by an insurer that is not a related party (as defined in AASB 124 Related Party Disclosures ) of the reporting entity, if the proceeds of the policy: (a) can be used only to pay or …

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 Fair Value Measurement …