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Inventories are assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of …

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the …

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 Fair Value Measurement …

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

A not-for-profit entity is an entity whose principal objective is not the generation of profit.  A not-for-profit entity can be a single entity or a group of entities comprising the parent entity and each of the entities that it controls. …

In respect of not-for-profit entities, inventories held for distribution are assets: (a) held for distribution at no or nominal consideration in the ordinary course of operations; (b) in the process of production for distribution at no or nominal …

Payments made by a lessee to a lessor relating to the right to use an underlying asset during the lease term , comprising the following: (a)             fixed payments (including in-substance fixed payments), less any lease incentives ; (b)             …

An agreement between two or more parties that creates enforceable rights and obligations. …

The period over which an asset is expected to be available for use by an entity; or the number of production or similar units expected to be obtained from an asset by an …