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Net realizable value (NRV) is a measure of a fixed or current [1] asset's worth when held in inventory, in the field of accounting.NRV is part of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) that apply to valuing inventory, so as to not overstate or understate the value of inventory goods.
Residual value also known as salvage value describes the future value of a good in terms of absolute value in monetary terms after depreciation, and it is sometimes abbreviated into a percentage of the initial price when the item was new. It is one of the constituents of a leasing calculation or operation and is a key concept in accounting. It ...
Creative accounting may follow the letter of the rules of standard accounting practice, yet deviate by excessive complication creating opaqueness, whereas plugging the numbers deviates from accounting rules for a relatively "immaterial amount".
The accounting standard-setter for the U.S. Government defines deferred maintenance to also include deferred repairs thus: “Deferred maintenance and repairs” are maintenance and repair activities that were not performed when they should have been or were scheduled to be and which, therefore, are put off or delayed for a future period ...
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...
GASB 34 is a financial accounting standard issued by the Governmental Accounting Standards Board in the United States . GASB 34 provides a comprehensive framework for financial reporting with the objective of making annual reports easier to understand and more useful to the people who rely upon the financial condition contained therein.
The representations letter covers all periods encompassed by the audit report, and is dated the same date of audit work completion. It is used to let the client's management declare in writing that everything is MRL and is sufficient and appropriate and without omission of material facts to the financial statements, to the best of the ...
The LORA process starts by identification of the options where maintenance can be performed. It is common for systems to use 2 or 3 levels of maintenance. LORA produces a decision for each item within the system, indicating where each maintenance action for the item will be performed.