This is the value, as at the relevant date, of assets excluding deferred acquisition costs arising in respect of policies. This method of disclosure differs from the Australian Accounting Standards. An asset is, as defined by the Australian Accounting Standards, a resource: (a) controlled by an entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Acquisition costs, as defined by the Australian Accounting Standards, are the fixed and variable costs of acquiring new business including commissions and similar distribution costs, and costs of accepting, issuing and initially recording policies. (Acquisition costs relate to the costs incurred in acquiring specific life insurance contracts during the relevant period. They do not include the general growth and development costs incurred by a life insurer.) 

This is the total asset of the fund as reported in LRF 300.1