IFRS Defintions

Net assets available for benefits are the assets of a plan less liabilities other than the actuarial present value of promised retirement benefits.

Where one party’s net gain or loss is settled in cash rather than the asset subject to the contract being exchanged at its expiration.

Definitions relating to the net defined benefit liability (asset)

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 ceiling.

Definitions relating to defined benefit cost

Net interest on the net defined benefit liability (asset) is the change during the period in the net defined benefit liability (asset) that arises from the passage of time.

Net investment in a foreign operation is the amount of the reporting entity’s interest in the net assets of that operation.

The gross investment in the lease discounted at the interest rate implicit in the lease.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Non-adjusting events after the reporting period – An entity shall not adjust the amounts recognised in its financial statements to reflect non-adjusting events after the reporting period.

An asset that does not meet the definition of a current asset.

The risk that an entity will not fulfil an obligation. Non‑performance risk includes, but may not be limited to, the entity’s own credit risk.

The equity in a subsidiary not attributable, directly or indirectly, to a parent.

Notes contain information in addition to that presented in the statement of financial position, statement(s) of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows. Notes provide narrative descriptions or disaggregations of items presented in those statements and information about items that do not qualify for recognition in those statements.