A collection of fundamental concepts for general purpose financial reporting that is developed and used by a standards-setter as a...
A collection of fundamental concepts for general purpose financial reporting that is developed and used by a standards-setter as a...
The act of recording or including an accounting item/ transaction/ event in the books (financials) of an entity for the...
According to trade date accounting, a transaction is recorded in the books of an entity as of the date at...
The date that an entity commits itself to transact with a party. According to trade date accounting, a transaction is...
The frequency with which an asset (usually a depreciable asset) is replaced by another asset, either with similar/ identical features,...
The process that involves the removal of a financial asset or financial liability or generally any element (that was already...
An insurance contract is deemed to be onerous (loss-laden or loss-making) at initial recognition when the net cash flows associated...