Search Definitions

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. …

[Deleted by the AASB] …

The following terms are also used in this Standard with the meaning specified. …

A not-for-profit entity is an entity whose principal objective is not the generation of profit. A not-for-profit entity can be a single entity or a group of entities comprising the parent and each of the entities that it …

Prospective application of a change in accounting policy and of recognising the effect of a change in an accounting estimate, respectively, are: (a) applying the new accounting policy to transactions, other events and conditions occurring after the date …

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joint arrangement An arrangement of which two or more parties have joint control. joint control The contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of …

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