Search Definitions

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. …

[Deleted by the AASB] …

The following terms are also used in this Standard with the meaning 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 and each of the entities that it …

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 …

A legal obligation is an obligation that derives from: (a) a contract (through its explicit or implicit terms); (b) legislation; or (c) other operation of …