Financial asset at fair value through P&L
An asset measured at fair value with changes recognized in profit or loss.
OpenFinancial Dictionary
Accounting & Finance Terms (English)
Financial Close
The process of finalizing all financial activities and preparing financial statements at the end of an accounting period.
OpenFinancial Close
The process of finalizing all financial activities and preparing financial statements at the end of an accounting period.
OpenFinancial guarantee contract
A contract requiring payments to reimburse the holder for a loss.
OpenFinancial Ratio
A financial ratio is a metric derived from financial statements to evaluate performance and position.
OpenFinancial Statements
Financial statements are formal reports showing the financial performance and position of a company, including the balance sheet, income statement, and cash flow statement.
OpenFinTech
Financial Technology - The use of technology to deliver financial services and improve their delivery.
OpenFixed Asset
A fixed asset is a long-term tangible asset used in business operations, such as buildings, machinery, and vehicles. It is depreciated over its useful life.
OpenFixed Assets
Are tangible assets that serve more than one financial period, such as cars, buildings and equipment and ect. Fixed assets are depreciated annually at the amount of the annual depreciation expenses to...
OpenFixed costs
Costs that remain constant regardless of activity level.
Openfixed expenses
Fixed expenses in operating a business are those expenses that remain the same regardless of the volume of production or sales, i.e. they do not fluctuate with the volume of sales. In contrast to vari...
OpenForecast
A forecast is an estimate of future financial outcomes based on current information and assumptions.
OpenFraud risk
The risk of intentional misstatements in financial statements.
OpenFRS 11
FRS 11 sets out the principles and methodology for accounting for impairments of fixed assets and goodwill. It replaces the previous approach whereby diminutions in value were recognized only if they ...
OpenFRS 19
"FRS 19 is a deferred tax standard. In summary: A. Deferred tax is provided on timing differences relating to: - accelerated capital allowances and depreciation accruals for and payments of pension an...
OpenFunctional Currency
Functional currency is the currency of the primary economic environment in which the entity operates, usually the currency that mainly influences sales prices and costs.
OpenFunctional currency
The currency of the primary economic environment in which the entity operates.
OpenFund Accounting
liabilities are grouped according to the purpose for which they are to be used. Generally used by government entities and not-for-profits.
OpenFuture Value
Future Value is the amount of money that an investment made today (the present value) will grow to by some future date. Since money has time value, we naturally expect the future value to be greater t...
OpenGAAP
GAAP is an acronym for Generally Accepted Accounting Principles it is Issued accepted principles of Accounting and Financial Reporting standards defind and set by The Financial Accounting Standards Bo...
OpenGeneral Ledger
The general ledger is the ledger that contains all of a company's financial accounts; Contains corresponding debit and credit accounts (including control accounts).
OpenGeneral Ledger
The general ledger is the main record that contains all accounts and their transactions.
OpenGeneral Ledger
The general ledger contains all accounts used in the company’s accounting system. It records all financial transactions after posting journal entries.
OpenGenerally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles (GAAP ) is Issue accepted principles of Accounting and Financial Reporting standards defined and set by the Financial Accounting Standards Board (FASB)
OpenGoing Concern
The going concern assumption means the company is expected to continue operating for the foreseeable future and has no intention or need to liquidate or significantly reduce its activities.
OpenGoing concern
The assumption that an entity will continue in operation for the foreseeable future and has no intention to liquidate.
OpenGoing Concern
Going concern is the assumption that an entity will continue operating for the foreseeable future.
OpenGoing concern assessment
An assessment of whether the entity is able to continue operating for the foreseeable future.
Opengoing concern assumption
Continuity Assumption: An accounting guideline that allows readers of financial statements to assume that a company will continue long enough to carry out its objectives and obligations. In other word...
Opengoodwill
Goodwill Goodwill is a long-term asset that is classified as an intangible asset. Goodwill arises when a company acquires another business entirely. The amount of goodwill is the cost of purchasing th...
OpenGoodwill
Goodwill represents the excess paid in a business acquisition over the fair value of identifiable net assets. It reflects brand value, customer relationships, and reputation.
OpenGrantee
is the person or entity to whom property or assets are transferred.
OpenGrantor
is the person or entity who transfers property or assets.
OpenGross Domestic Product (GDP)
Gross Domestic Product (GDP) is the value of all goods and services produced by workers and capital located within a country (or region), such as the United States, regardless of workers' nationality ...
Opengross profit
Net sales revenues minus the cost of goods sold
OpenGross Profit
Gross profit is calculated by subtracting the cost of goods sold from revenue. It indicates how efficiently the company produces or purchases goods.
OpenGross Profit
Gross profit is revenue minus cost of goods sold.
OpenGross Sales
Sales before deducting sales returns, sales allowances, and sales discounts
OpenHedge accounting
A method to match gains and losses on hedging instruments with the hedged item.
Openhigh-low method
high-low method A technique used to determine the variable rate (slope of a total cost line) of an independent variable and the fixed amount by using just two points: the highest point and the lowest ...
OpenHolding Company
A holding company is a company that owns or controls other companies. (Control can be achieved through ownership of 50 percent or more of the voting rights or through the exercise of dominant influenc...
OpenIAS 1 - Presentation of Financial Statements
IAS 1 sets the overall presentation requirements for financial statements, including minimum content, fair presentation, going concern, accrual basis, and consistency of presentation.
OpenIAS 10 - Events After the Reporting Period
IAS 10 explains how to account for events occurring between the reporting date and the date when financial statements are authorized for issue. It distinguishes between adjusting and non-adjusting eve...
OpenIAS 11 - Construction Contracts
IAS 11, now largely replaced by IFRS 15, dealt with revenue and cost recognition for long term construction contracts, often using the percentage of completion method.
OpenIAS 12 - Income Taxes
IAS 12 addresses the accounting for current tax and deferred tax. Deferred tax arises from temporary differences between the carrying amounts of assets and liabilities and their tax bases.
OpenIAS 16 - Property, Plant and Equipment
IAS 16 covers the recognition, measurement, depreciation and derecognition of tangible fixed assets used in production or supply of goods and services. It allows cost model or revaluation model.
OpenIAS 17 - Leases
IAS 17 distinguished between finance leases and operating leases for lessees and lessors. It has been replaced for most purposes by IFRS 16 but remains relevant in historical reporting.
OpenIAS 18 - Revenue
IAS 18 provided principles for recognizing revenue from the sale of goods, rendering of services and use of entity assets. It has been superseded by IFRS 15 but its concepts remain useful for understa...
OpenIAS 19 - Employee Benefits
IAS 19 sets requirements for accounting for short term benefits, post employment benefits such as pensions, and other long term employee benefits, including defined benefit obligations and actuarial a...
OpenIAS 2 - Inventories
IAS 2 requires inventories to be measured at the lower of cost and net realizable value. It defines what costs may be included and how inventory should be allocated and expensed.
Open