A cost that an entity has taken on (incurred) in the ordinary course of business, whether in relation to its...

The act or process of incurring a cost for whatever reason. In general, incurrence involves the sacrifice of an economic...

The risk that a financial loss will be incurred by a party to a financial instrument (or broadly any financial...

The risk that arises from potential fluctuations in the fair value (FV) or future cash flows of a financial instrument...

An entity that has a limited number of shareholders (such as 3 or 5 people). The stock of such an...

A method of accounting whereby an entity recognizes its income and expenses on the general ledger on a cash basis-...

The amount of income taxes payable/ recoverable that correspond to the taxable profit/ loss for a given financial period. For...

Broadly speaking, control is the power/ authority to direct and manage (people's behavior, course of events, things, etc.) In accounting,...

An investor controls an investee when the former has power over the latter. Control is also manifested in the exposure...

A set of accounting practices that are meant to show compliance with principles and rules (such as those prescribed by...