Profit or loss

Profit or loss is the total of income less expenses, excluding the components of other comprehensive income.

 

 

 

 

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Property, plant and equipment

Property, plant and equipment are tangible items that:

  1. are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and
  2. are expected to be used during more than one period.

 

 

 

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Prospective application

Prospective application of a change in accounting policy and of recognising the effect of a change in an accounting estimate, respectively, are:

  1. applying the new accounting policy to transactions, other events and conditions occurring after the date as at which the policy is changed; and
  2. recognising the effect of the change in the accounting estimate in the current and future periods affected by the change.

 

 

 

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Protective rights

Rights designed to protect the interest of the party holding those rights without giving that party power over the entity to which those rights relate.

 

 

 

 

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Provision

A provision is a liability of uncertain timing or amount.

 

 

 

 

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