Document ID: chunk:federal_register_of_legislation:F2017L00724:body:0:p21
Version: federal_register_of_legislation:F2017L00724
Segment Type: other
Provision Reference: 
Character Range: 65206–68265

allocated to specific member accounts or reserves.

Item 27                                       Item 27 is a derived item. Report surplus/deficit in net assets as net assets available for members' benefits reported in item 24 minus the sum of total reserves reported in item 25 and total liability for members' benefits reported in item 26.3.

                                              Report a surplus as a positive number and a deficit as a negative number.

                                              Report underlying reason for surplus/deficit in net assets in item 27.1. Item 27.1.2 is a derived item. Report other reasons as, surplus/deficit in net assets reported in item 27 minus the value reported for the reason being accrued benefits that are over (under) funded which is reported in item 27.1.1.

Surplus/ deficit in net assets                Represents the excess/deficiency in net assets available for members' benefits against total liability for members' benefits.

                                              Excludes: reserves, unallocated contributions.

Accrued benefits that are over(under) funded  Represents the amount of excess or deficiency in net assets that is due to over or under funding in defined benefit plans.

Glossary of additional terms

Core principles

The macroeconomic statistics produced by the ABS centre around the internationally accepted key standard, the System of National Accounts (SNA) 2008. SNA provides an overarching national accounting framework that is integrated, coherent and maximises international comparability.

Under the SNA, financial statistics are presented in a flow of funds or so-called from-whom-to-whom format to measure the "stocks" and "flows" of financial assets and liabilities throughout the Australian economy and with the rest of the world. A flow of funds concept is designed to delineate both parties to a transaction, as well as the nature of the financial instrument transacted. This concept also underpins the classification schema used in this form.

Residency

An institutional unit is resident in one and only one economic territory. In general, the residence of an institutional unit is determined by the unit's centre of predominant economic interest.

Individual members of households who leave the economic territory of a country and return after a limited period (less than one year) continue to be regarded as residents of that country.

For example, a member of a resident Australian household who travels abroad for recreation, business, health or other purposes and returns within one year is treated while abroad as a resident of Australia. An exception to the one year rule is made in the case of students, who are treated as residents of the country where they had been prior to studying. If a student develops the intention to remain in the country after completion of studies, they are counted as a resident of that country.

The residence of a financial instrument is determined by the residence of the issuer rather than the domicile of