Accountancy

Accountancy

Industry: Financial services

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Accountancy

notes

Financial services; Accountancy

Notes contain information in addition to that presented in the statement of financial position, statement of comprehensive income, separate income statement (if presented), statement of changes in ...

obligation

Financial services; Accountancy

A duty or responsibility to act or perform in a certain way. Obligations may be legally enforceable as a consequence of a binding contract or statutory requirement. Obligations also arise, however, ...

obligating event

Financial services; Accountancy

An event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that obligation.

opening IFRS statement of

Financial services; Accountancy

An entity’s statement of financial position at the date of transition to IFRSs.

offsetting onerous contract

Financial services; Accountancy

See ‘set-off, legal right of’ A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.