Search Definitions

Future economic benefits that have been contributed to the entity by parties external to the entity, other than those which result in liabilities of the entity, that give rise to a financial interest in the net assets of the entity which: (a)           …

Economic benefits received or receivable by an entity, as determined by a court or other law enforcement body, as a consequence of a breach of a law or …

Tax credits that are not limited to the amount of a taxpayer’s tax liability for the period, because they are available to beneficiaries regardless of whether they pay …

Preferential provisions of the tax law that provide particular taxpayers with concessions that are not available to others.   Tax relief excludes payable tax credits …

The event that the government, legislature or other authority has determined will be subject to taxation. …

Economic benefits compulsorily paid or payable to public sector entities in accordance with laws and/or regulations established to provide income to the government.   Taxes exclude fines …

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

A provision is a liability of uncertain timing or amount. …

A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. …

An obligating event is an event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that …