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 …

An agreement with an unrelated party, binding on both parties and usually legally enforceable, that (a) specifies all significant terms, including the price and timing of the transactions, and (b) includes a disincentive for non-performance that is …

Significantly more likely than probable . …

An asset that does not meet the definition of a current asset . …

More likely than not. …

The higher of an asset’s fair value less costs of disposal  and its value in use . …

[7] The present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful …

“entity” means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives; …

“general purpose financial report” means a financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of their information …

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