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In business accounting, the term "write-off" is used to refer to an investment (such as a purchase of sellable goods) for which a return on the investment is now impossible or unlikely. The item's potential return is thus canceled and removed from ("written off") the business's balance sheet. Common write-offs in retail include spoiled and ...
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
Auditing terms (25 P) Pages in category "Accounting terminology" The following 98 pages are in this category, out of 98 total. This list may not reflect recent changes.
Income is a short term inflow during the fiscal year. Expense is short term outflow during the fiscal year. An asset is a long term inflow with implications extending beyond the financial period and by the traditional view could represent unclaimed income. Alternatively, an asset could be valued at the present value of its future inflows.
Big Bath in accounting is an earnings management technique whereby a one-time charge is taken against income in order to reduce assets, which results in lower expenses in the future. [1] The write-off removes or reduces the asset from the financial books and results in lower net income for that year. The objective is to ‘take one big bath ...
For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).
The "classic definition" of a tax used by the High Court derived from Matthews v Chicory Marketing Board (Vic) (1938), where Chief Justice John Latham stated that a tax was "a compulsory exaction of money by a public authority for public purposes, enforceable by law, and is not a payment for services rendered".
This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation.It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.