Search Definitions

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 …

An agreement with an unrelated party, binding on both parties and usually legally enforceable, that (a) specifies all significant terms, including the price and timing of the transactions, and (b) includes a disincentive for non-performance that is …

Significantly more likely than probable . …

An asset that does not meet the definition of a current asset . …

More likely than not. …

The higher of an asset’s fair value less costs of disposal  and its value in use . …

[7] The present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful …

The following terms are used in this Standard with the meanings specified: …

General purpose financial statements (referred to as ‘financial statements’) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information …

Impracticable Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. …