Accountancy

Accountancy

Industry: Financial services

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Accountancy

current liability

Financial services; Accountancy

An entity shall classify a liability as current when: (a) it expects to settle the liability in its normal operating cycle; (b) it holds the liability primarily for the purpose of trading; (c) the ...

current service cost

Financial services; Accountancy

The increase in the present value of the defined benefit obligation resulting from employee service in the current period.

curtailment (of a defined benefit plan)

Financial services; Accountancy

A curtailment occurs when an entity either: (a) is demonstrably committed to make a material reduction in the number of employees covered by a plan; or (b) amends the terms of a defined benefit plan ...

current tax

Financial services; Accountancy

The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.

date of transition to IFRSs

Financial services; Accountancy

The beginning of the earliest period for which an entity presents full comparative information under IFRSs in its first IFRS financial statements.

deductible temporary differences

Financial services; Accountancy

Temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base that will result in amounts that are deductible in determining taxable profit (tax ...

deemed cost

Financial services; Accountancy

An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the ...