Search Definitions

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 exceeds its recoverable amount. …

An intangible asset is an identifiable non-monetary asset without physical substance. …

Monetary assets are money held and assets to be received in fixed or determinable amounts of money. …

Research is original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. …

The residual value of an intangible asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the …

Useful life is: (a) the period over which an asset is expected to be available for use by an entity; or (b) the number of production or similar units expected to be obtained from the asset by an …

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

Carrying amount is the amount at which an asset is recognised in the statement of financial position. …

Cost is the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in …