Search Definitions

An entity’s system of transforming inputs through its activities into outputs and outcomes that aims to fulfil the entity’s strategic purposes and create value for the entity and hence generate cash flows over the short, medium and long …

[Deleted by the AASB] …

Reports that provide financial information about a reporting entity that is useful to primary users in making decisions relating to providing resources to the entity. Those decisions involve decisions about:  (a) buying, selling or holding equity and debt …

Applying a requirement is impracticable when an entity cannot apply it after making every reasonable effort to do so. …

Existing and potential investors, lenders and other creditors. …

The full range of interactions, resources and relationships related to a reporting entity’s business model and the external environment in which it operates. A value chain encompasses the interactions, resources and relationships an entity uses and …

Notwithstanding the general definitions in the above table, in respect of not-for-profit entities the following terms are described in the Framework for the Preparation and Presentation of Financial Statements (as amended to March 2020) and are used in …

The beginning of the earliest period for which an entity presents full comparative information under Australian Accounting Standards in its first Australian-Accounting-Standards financial statements …

An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed …

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 …