Document ID: chunk:federal_register_of_legislation:F2015L00813:body:0:p5
Version: federal_register_of_legislation:F2015L00813
Segment Type: other
Provision Reference: 
Character Range: 11199–14407

is a derived item. Report net assets available for members' benefits in item 3 as total assets reported in item 1 minus total liabilities reported in item 2.

Net assets available for members' benefits  Represents the surplus of total assets less total liabilities which is underlying the value of members' benefits. Includes: reserves.

Item 4   Report total reserves in item 4.

Reserve  Represents the portion of net assets available for members' benefits which is not total liability for members' benefits. Includes: reserves such as ORFR reserve, investment reserve and self-insurance reserve. Excludes: surplus/deficit in net assets, unallocated contributions that are not part of a formal reserve.

Item 5  Item 5 is a derived item. Report total liability for members' benefits in item 5 as the sum of defined contribution members' benefits reported in item 5.1, defined benefit members' benefits reported in item 5.2 and unallocated contributions reported in item 5.3.

        For a defined benefit member that has both defined benefit members' benefits and defined contribution members' benefits, report the portion that is attributed to that member's defined benefit members' benefits in item 5.2 and the portion that is attributed to that member's defined contribution members' benefits in item 5.1. Report current values of members' benefits where available; otherwise, where the last triennial review has been adopted in accordance with Australian Accounting Standards, report the value of a member's defined benefit members' benefits and defined contribution members' benefits in accordance with the last triennial review.

Liability for members' benefits         Represents the present obligation to members and beneficiaries for benefits they are entitled to receive in the future as a result of membership of the RSE. Excludes: reserves. Reference: Australian Accounting Standards.

Defined contribution members' benefits  Represents the present obligation to pay benefits to defined contribution members and beneficiaries. Reference: Australian Accounting Standards.

Defined benefit members' benefits       Represents the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, measured using actuarial assumptions and valuations where appropriate. The concept of defined benefit members' benefits aligns with the concept of 'defined benefit member liabilities' as defined in Australian Accounting Standards.

Unallocated contributions               Represents contributions received but not yet allocated to specific member accounts. Reference: Australian Accounting Standards.

Item 6                         Item 6 is a derived item. Report surplus/deficit in net assets in item 6 as net assets available for members' benefits reported in item 3 minus the sum of total reserves reported in item 4 and total liability for members' benefits reported in item 5.

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

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