A set of principles and directions that govern a specific aspect of accounting for an entity, product, instrument, transaction, event,...

A non-statutory reserve that is created by virtue of the application of accounting policy for non-financial assets such as property,...

It stands for accounting rate of return; a method that is used as part of capital budgeting decision making whereby...

A method that is used as part of capital budgeting decision making whereby a rate of return for a project...

Earnings of an entity as reported and presented in its statement of income (SOI). Accounting earnings, also known as net...

The ease and quickness with which non-monetary assets (generally, all types of assets excluding monetary assets) can be converted to...

A situation that occurs when an entity's total book liabilities (liabilities recognized in book value) exceed  the total book value...

A situation that arises when accounting revenues/ revenues equal (i.e., break even with) accounting expenses/ expenses, making net income (and...

A non-audit service (NAS) that laws and regulations allows an auditor to provide, in addition to its core audit services....

Specific information that is provided in the footnotes to an entity’s financial statements. These notes carry certain important facts about...