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qualifying asset
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
An asset that necessarily takes a substantial period of time to get ready for its intended use or sale.
qualifying insurance policy
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
An insurance policy issued by an insurer that is not a related party (as defined in IAS 24) of the reporting entity, if the proceeds of the policy:
- (a) can be used only to pay or fund employee benefits under a defined benefit plan;
- (b) are not available to the reporting entity’s own creditors (even in bankruptcy) and cannot be paid to the reporting entity, unless either:
- (i) the proceeds represent surplus assets that are not needed for the policy to meet all the related employee benefit obligations; or
- (ii) the proceeds are returned to the reporting entity to reimburse it for employee benefits already paid.
