1 A B C D E F G H I J K L M N O P Q R S T U V W

General purpose financial statements

Financial definition – General purpose financial statements (referred to as ‘financial statements’) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

Sustainability defintion

Reports that provide financial information about a reporting entity that is useful to primary users in making decisions relating to providing resources to the entity. Those decisions involve decisions about:

  • buying, selling or holding equity and debt instruments;
  • providing or selling loans and other forms of credit; or
  • exercising rights to vote on, or otherwise influence, the entity’s management’s actions that affect the use of the entity’s economic resources.

General purpose financial reports include-but are not restricted to-an … Read more

Global warming potential

A factor describing the radiative forcing impact (degree of harm to the atmosphere) of one unit of a given greenhouse gas relative to one unit of CO2.

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An asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised.





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Government refers to government, government agencies and similar bodies whether local, national or international.





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Government assistance

Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this Standard does not include benefits provided only indirectly through action affecting general trading conditions, such as the provision of infrastructure in development areas or the imposition of trading constraints on competitors.





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Government grants

Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of the entity.





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Government-related entity

A government-related entity is an entity that is controlled, jointly controlled or significantly influenced by a government.





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Grant date

The date at which the entity and another party (including an employee) agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date the entity confers on the counterparty the right to cash, other assets, or equity instruments of the entity, provided the specified vesting conditions, if any, are met. If that agreement is subject to an approval process (for example, by shareholders), grant date is the date when that approval is obtained.





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Grants related to assets

Grants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets. Subsidiary conditions may also be attached restricting the type or location of the assets or the periods during which they are to be acquired or held.





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Greenhouse gases

The seven greenhouse gases listed in the Kyoto Protocol— carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons   (HFCs);   nitrogen    trifluoride    (NF3); perfluorocarbons (PFCs) and sulphur hexafluoride (SF6).

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Gross-settled contracts

A contract that will be settled by only delivery of a fixed amount of an asset in exchange for the payment of a fixed price on its expiration.





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A group is a parent and all its subsidiaries. (IAS 21 8)


A parent and its subsidiaries. (IFRS 10 Appendix A)




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Group of insurance contracts

A set of insurance contracts resulting from the division of a portfolio of insurance contracts into, at a minimum, contracts written within a period of no longer than one year and that, at initial recognition:

  1. are onerous, if any;
  2. have no significant possibility of becoming onerous subsequently, if any; or
  3. do not fall into either (a) or (b), if any.




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