Search Definitions

The market with the greatest volume and level of activity for the asset or liability. …

Compensation sought by risk-averse market participants for bearing the uncertainty inherent in the cash flows of an asset or a liability. Also referred to as a ‘risk …

The costs to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability that are directly attributable to the disposal of the asset or the transfer of the liability and meet both of the following …

The costs that would be incurred to transport an asset from its current location to its principal (or most advantageous) market. …

The level at which an asset or a liability is aggregated or disaggregated in a Standard for recognition purposes. …

Inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or …

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

Accounting policies are defined in paragraph 5 of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors , and the term is used in this Standard with the same …

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. …