Going concern principle: related pages
Liquidation The "winding up" of a company, so that it ceases to exist. Companies being liquidated may be insolvent, or merely ceasing operations.
Accrual principle The accounting principle of matching of costs to the revenues they generate.
Book value The value of assets as shown on the balance sheet.
Fair value The value of an asset or liability in an arms length transaction between unrelated willing and knowledgeable parties. A concept used in many accounting standards including the IFRSs.
IFRS International Financial Reporting Standards are accounting standards set by the International Accounting Standards Board.
GAAP A set of rules, accounting principles and standards that are used in a particular region or country. Mostly being converged with IFRSs.
Copyright Graeme Pietersz © 2005-2019
