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 Fair Value Measurement …

An impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. …

The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in …

Useful life is either: (a)             the period of time over which an asset is expected to be used by the entity; or (b)           the number of production or similar units expected to be obtained from the asset by the …

Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. …

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

Annual reporting period means the financial year or similar period to which annual financial statements relate. …

Special purpose financial statements are financial statements other than general purpose financial statements. …

Financial statements that are 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 …

An entity in respect of which it is reasonable to expect the existence of users who rely on the entity’s general purpose financial statements for information that will be useful to them for making and evaluating decisions about the allocation of …