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Related Party

A party (person, entity) that has a connection with an entity (a reporting entity) preparing its financial statements. This connection...

Useful Life of a Leased Asset

The useful life of a leased asset is either: the estimated remaining period, from the commencement date of the lease...

Interim Financial Statement

A complete or condensed financial report/ financial statement that is prepared for a period shorter than a financial year (accounting...

Interim Financial Report

A complete or condensed financial report/ financial statement that is prepared for a period shorter than a financial year (accounting...

Related-Party Transaction

A transaction that is entered into by two parties who are related, i.e., they have some sort of connection prior...

Economic Life

The period over which an asset provides or is expected to provide its economic benefits to an entity owning and/...

Capital Reserve

A reserve (reserve account) that an entity sets aside out of capital profits, i.e, profits from non-core operations and activities...

Revenue Reserve

A reserve (reserve account) that an entity creates out of uncontributed revenue gains for the net profit which is generated...

Special Reserve

A reserve (reserve account) that an entity creates out of its profits for a certain purpose. It is usually appropriated...

Specific Reserve

A reserve (reserve account) that an entity creates out of its profits for a certain purpose. It is usually appropriated...