Search Definitions

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 …

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 …

Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee as a right-of-use asset) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of …

Owner-occupied property is property held (by the owner or by the lessee as a right-of-use asset) for use in the production or supply of goods or services or for administrative …

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

An entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future …

An entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the …

A party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for …

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity …

A promise in a contract with a customer to transfer to the customer either: (a)             a good or service (or a bundle of goods or services) that is distinct; or (b)             a series of distinct goods or services that are substantially the same …