Accountancy

Accountancy

Industry: Financial services

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Accountancy

prior period errors

Financial services; Accountancy

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 ...

present value

Financial services; Accountancy

A current estimate of the present discounted value of the future net cash flows in the normal course of business.

probable profit

Financial services; Accountancy

More likely than not. IFRS 5.A, The residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income. Any amount over and ...

projected unit credit method

Financial services; Accountancy

An actuarial valuation method that sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation ...

profit or loss

Financial services; Accountancy

The total of income less expenses, excluding the components of other comprehensive income.

property, plant and equipment

Financial services; Accountancy

Tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one ...

prospective

Financial services; Accountancy

Prospective application of a change in accounting (a) applying the new accounting policy to transactions, other events and conditions occurring after the date as at which the policy is changed; and ...