1 A B C D E F G H I J K L M N O P Q R S T U V W

Qualifying asset

A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale.

 

 

 

 

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Qualifying insurance policy

Definitions relating to the net defined benefit liability (asset)

A qualifying insurance policy is an insurance policy issued by an insurer that is not a related party (as defined in IAS 24 Related Party Disclosures) of the reporting entity, if the proceeds of the policy:

  1. can be used only to pay or fund employee benefits under a defined benefit plan; and
  2. are not available to the reporting entity’s own creditors (even in bankruptcy) and cannot be paid to the reporting entity, unless either:
    1. the proceeds represent surplus assets that are not needed for the policy to meet all the related employee benefit obligations; or
    2. the proceeds are returned to the reporting entity to reimburse it for employee benefits already paid.
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