Glossary BV2009 - Glossary of Terms This glossary is...

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Glossary of Terms This glossary is extracted from the International Financial Reporting Standards (IFRSs) including International Accounting Standards (IASs) issued by the IASB as at 31 December 2008. References are by Standard and paragraph number. The glossary also includes extracts from the Framework for the Preparation and Presentation of Financial Statements . References to the Framework are preceded by F. References set out below in (brackets) indicate minor variations in wording. accounting policies The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. IAS 8.5 accounting profit Profit or loss for a period before deducting tax expense. IAS 12.5 accrual basis of accounting The effects of transactions and other events are recognised when they occur (and not as cash or its equivalent is received or paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relate. F.22 accumulating compensated absences Compensated absences that are carried forward and can be used in future periods if the current period’s entitlement is not used in full. IAS 19.13 acquiree The business or businesses that the acquirer obtains control of IFRS 3.A in a business combination. acquirer The entity that obtains control of the acquiree. IFRS 3.A acquisition date The date on which the acquirer obtains control of the acquiree. IFRS 3.A active market A market in which all the following conditions exist: (a) the items traded within the market are homogeneous; IAS 36.6, (IAS 38.8), IAS 41.8 (b) willing buyers and sellers can normally be found at any time; and (c) prices are available to the public. active market A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. IAS 39.AG71 actuarial assumptions An entity’s unbiased and mutually compatible best estimates of the demographic and financial variables that will determine the ultimate cost of providing post-employment benefits. IAS 19.72–73 actuarial gains and losses (a) Experience adjustments (the effects of differences IAS 19.7 © IASCF 1
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between the previous actuarial assumptions and what has actually occurred); and (b) the effects of changes in actuarial assumptions. actuarial present value of promised retirement benefits The present value of the expected payments by a retirement benefit plan to existing and past employees, attributable to the service already rendered. IAS 26.8
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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Glossary BV2009 - Glossary of Terms This glossary is...

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