Search Definitions

A firm commitment is a binding agreement for the exchange of a specified quantity of resources at a specified price on a specified future date or …

A forecast transaction is an uncommitted but anticipated future transaction. …

A hedging instrument is a designated derivative or (for a hedge of the risk of changes in foreign currency exchange rates only) a designated non-derivative financial asset or non-derivative financial liability whose fair value or cash flows are expected …

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

Accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty. …

Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial …

Material is defined in paragraph 7 of AASB 101 and is used in this Standard with the same meaning. …

Prior period errors are omissions from, and misstatements in, the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that: (a) was available when financial statements for those …

Retrospective application is applying a new accounting policy to transactions, other events and conditions as if that policy had always been …

Retrospective restatement is correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never …