The level of standardization of accounting information (e.g., items of financial statements) that makes the financial statements of different entities...

It stands for conceptual framework; a collection of fundamental concepts for general purpose financial reporting that is developed and used...

A collection of fundamental concepts for general purpose financial reporting that is developed and used by a standards-setter as a...

A collection of fundamental concepts for general purpose financial reporting that is developed and used by a standards-setter as a...

The act of recording or including an accounting item/ transaction/ event in the books (financials) of an entity for the...

According to trade date accounting, a transaction is recorded in the books of an entity as of the date at...

The date that an entity commits itself to transact with a party. According to trade date accounting, a transaction is...

The frequency with which an asset (usually a depreciable asset) is replaced by another asset, either with similar/ identical features,...

The process that involves the removal of a financial asset or financial liability or generally any element (that was already...

An insurance contract is deemed to be onerous (loss-laden or loss-making) at initial recognition when the net cash flows associated...