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Glossary Of Financial and Accounting Terms. A-IFRS: The Australian equivalent of the International Financial Reporting Standards. These are part of global accounting standards that determine the accounting treatment of items in Annual Reports (published financial statements.)
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Glossary of accountancy terms. Ensuring that we have a shared understanding of accounting and auditing terms with our clients is crucial for effective and efficient communication. To help with this shared understanding, we’ve developed an alphabetical list of the most commonly used accounting words and phrases.
Accounting terms cheat sheet: +20 concepts defined in plain language Accounting A system used to record more than just financial transactions. Done right, accounting (1) tracks and analyzes business transactions in total, (2) measures and improves the health of a business, as well as (3) reports financial results to investors, creditors, and
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Accounting: The process of recording, analyzing, reporting and interpreting the financial affect of business activities. Accounting basis: Refers to how financial transactions are measured for recording purposes. i.e. cash basis vs accrual basis, historical cost basis, going concern basis.
According to law, business failure can be either "technical insolvency" or "bankruptcy." In technical insolvency a business is unable to meet current obligations even if the total assets exceed total liabilities. In bankruptcy, liabilities exceed the market value of the assets and a negative net worth exists. (See accountant's equation).
With its authoritative and straightforward definitions and its wide-ranging coverage, this dictionary is essential for students and professionals in accounting and finance. It is also an ideal source of reference for anyone seeking a clear guide to the often-confusing world of accountancy terms.
Aug 16, 1983 · terms used in financial statements should be consistently and uniformly followed. The present guidance note, ‘Terms used in Financial Statements’, clarifies these terms with a view to facilitate their broad and basic understanding as well as to promote consistency and uniformity in their usage.
