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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. …

An operating segment is a component of an entity: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), (b) whose …

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

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. …

International Financial Reporting Standards (IFRSs) are Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise: (a)             International Financial Reporting Standards; (b)             International …

Material: Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide …

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 …