South Australian Numbered Acts South Australian Numbered Acts(1) In this Part—
"funding level" means the percentage obtained by taking the value of the total assets of the Corporation and dividing those by the value of the total liabilities of the Corporation, as determined at the end of a financial year and by applying any relevant provision of the prescribed standard and as reported in the Statement of Financial Position of the Corporation in its annual report for that financial year;
"prescribed standard" means the Australian Accounting Standards Board—AASB Standard 1023 .
(2) For the purposes of this Part, a probability of sufficiency will be determined under the prescribed standard.
(3) For the purposes of this Part, an assessment of whether a profit or loss may arise from the insurance operations of the Corporation in respect of a financial year will be determined according to the total comprehensive result reported in the Statement of Comprehensive Income of the Corporation in its annual report, adjusted by the long term investment earnings rate and any relevant economic assumptions for investment profit and the cost of claims.