Appendix C: Glossary
accounting the process of systematically recording, analysing and interpreting transactions.
accounting entity for accounting purposes, all businesses are considered to be separate entities from their owners. This means that the accounting records of the business must be kept separate from the owner’s records. See also legal entity.
accounting process the systematic procedure for recording business transactions. See also bookkeeping.
accounting standards International Financial Reporting Standards (IFRS; pronounced if-er-us] as accepted by the Australian Accounting Standards Board. Usually these standards only apply to large or medium enterprises reporting to third parties, such as shareholders. See also Tax Office standards ...
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