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  • The Financial Encyclopedia
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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...

              Contra Account

              An account whose balance is opposite the balance in its related account (the so-called paired account). For instance, accumulated depreciation...

                Net Carrying Amount

                The carrying amount of an asset or liability at a given point in time, netted against the amount of the...

                  GCA

                  It stands for gross carrying amount; the amortized cost of an asset, before adjusting for any loss allowance (without deduction...

                    Gross Carrying Amount

                    The amortized cost of an asset, before adjusting for any loss allowance (without deduction for expected credit losses/ ECL). Revaluation...