Identified asset, a term from IFRS 16 Leases. Let's see what it is all about.... It is separable, i.e., is capable of being separated from the entity and sold
Economic life also known as useful life is either the period of economically usability, or the number of production or similar units expected from an asset
WACC a company is typically financed using a combination of debt (bonds) and equity (stocks). Because a company may receive more funding from one source
A construction contract is a contract specifically negotiated for the construction of (a combination of) assets that are closely interrelated in terms of design
The financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. The detailed ‘mechanics’ of the consolidation process vary from one group to another, depending on the group’s structure, history and financial reporting systems. IFRS 10 and much of the literature on consolidation are based on a traditional approach to consolidation under which the financial statements (or, more commonly in practice, group ‘reporting packs’) of group entities are aggregated and then adjusted on each reporting date.
Change in fair value attributable to spot’ is recognised in other comprehensive income (and in the cash flow hedge reserve in equity) as the hedged risk
Loss allowance is an approach for the prudence or conservatism principle. Assets should not be overstated, liabilities not understated. Better save than sorry!