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  • The Financial Encyclopedia
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Elements Relating To Performance

The elements relating to the performance of an entity/ business are the main element headings that on the statement of...

    Elements Relating To Financial Position

    The elements relating to the financial position of an entity/ business are the main element headings that make up the...

      Measurement

      The process whereby an entity determines the monetary amounts at which the various elements of its financial statements (assets, liabilities,...

        Liability

        A present obligation of an entity towards others (creditors, investors, and other stakeholders), that arises from a past transaction/ event,...

          Asset

          A resource that is controlled by a business (entity) as a result of a past transaction/ event and is expected...

            FV

            It stands for fair value; the price / exchange price (an amount measured in currency units- CUs) at which an...

              Fair Value

              The price / exchange price (an amount measured in currency units- CUs) at which an asset could be exchanged in...

                Reclassification Adjustment

                The process of reclassifying gains or losses from equity (fair value changes) to P&L (statement of profit and loss, SOPL)...

                  Recycling

                  The process of reclassifying gains or losses from equity (fair value changes) to P&L (statement of profit and loss, SOPL)...

                    Control Account

                    A single account that controls a set of subsidiary accounts. In other words, it summarizes the subsidiary accounts in order...