11 terms with concise definitions
A systematic, independent examination of financial records, statements, and supporting documents to express an opinion on their truth and fairness.
A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
A financial statement that summarises the cash and cash-equivalent inflows and outflows of a company during a period, classified into operating, investing, and financing activities.
Assets expected to be converted into cash, sold, or consumed within 12 months from the reporting date.
The systematic allocation of the cost of a tangible fixed asset over its useful economic life.
Earnings Before Interest, Taxes, Depreciation, and Amortisation — a measure of operating profitability that strips out financing and non-cash items.
Indian Accounting Standards — the accounting standards converged with IFRS and notified by the Ministry of Corporate Affairs for preparation of financial statements.
The Indian Accounting Standard on Revenue from Contracts with Customers, providing a 5-step model for recognising revenue.
An independent, objective assurance and consulting activity designed to add value and improve an organisation's operations.
Statement of Profit and Loss — a financial statement summarising revenues, expenses, and profit or loss for a period.
The capital required by a business to finance its day-to-day operations, equal to current assets minus current liabilities.
