Search Definitions

Costs of disposal are incremental costs directly attributable to the disposal of an asset or cash-generating unit, excluding finance costs and income tax …

Depreciable amount is the cost of an asset, or other amount substituted for cost in the financial statements, less its residual value. …

Depreciation (Amortisation) is the systematic allocation of the depreciable amount of an asset over its useful life. [1] …

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 Fair Value Measurement …

An impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. …

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. …

Exploration and evaluation expenditures recognised as assets in accordance with the entity’s accounting policy. …

An agreement between two or more parties that creates enforceable rights and obligations. …