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Writing Down

The process of reducing part of the balance of an asset due to occurrence of some economic event that negatively...

Owners’ Equity

The remaining value (residual amount) of owners' interest in an entity, after all its liabilities have been deducted from its...

Taqrir

Arabic (تقرير) for tacit approval. It refers to what the Prophet Muhammad (pbuh) approved, verbally or silently, in the actions...

Non-Adjusting Event

An event, favorable or unfavorable, that takes place after the reporting period, specifically between the end of the period and...

Adjusting Event

An event, favorable or unfavorable, that takes place after the reporting period, specifically between the end of the period and...

High Quality Information

The information that is provided in an entity's financial statements and interim financial reports in such a way that this...

Restatement of a Financial Statement

The revision and re-release of the financial statements of a prior period because of changes in accounting principles arising out...

Accounting Restatement

The revision and re-release of the financial statements of a prior period because of changes in accounting principles arising out...

Restatement

The revision and re-release of the financial statements of a prior period because of changes in accounting principles arising out...

Reclassification

The change in the classification of a financial asset due to a change in an entity's business model (BM) or...