Glossary of IFRS terms

Term Description Standard
accounting policies The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. IAS 8
accounting profit Profit or loss for a period before deducting tax expense. IAS 12
accrual accounting Accrual accounting depicts the effects of transactions and other events and circumstances on a reporting entity's economic resources and claims in the periods in which those effects occur, even if the resulting cash receipts and payments occur in a different period.
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
acquiree The business or businesses that the acquirer obtains control of in a business combination. IFRS 3
acquirer The entity that obtains control of the acquiree. IFRS 3
acquisition date The date on which the acquirer obtains control of the acquiree. IFRS 3
active market A market in which all the following conditions exist:     (a) the items traded within the market are homogeneous;     (b) willing buyers and sellers can normally be found at any time; and     (c) prices are available to the public. IAS 36 IAS 38 IAS 41
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 ...

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