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True and Fair View

In connection with an audit report (auditor's opinion) on an entity's financial statements and accounts, true and fair view is...

Tax Depreciation

A tax deduction that an entity claims for the natural wear and tear of its assets (tangible assets) over their...

Net Asset Value

The value at which an entity reports an asset on its balance sheet (statement of financial position). It is calculated...

NBV

It stands for net book value; the value at which an entity reports an asset on its balance sheet (statement...

Net Book Value

The value at which an entity reports an asset on its balance sheet (statement of financial position). It is calculated...

Notes Payable

Notes that are payable by an entity. Notes payable constitute a formal borrowing agreement, or promissory note, between an entity...

Writing Down

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

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...