Examlex
Forgetting may be due to a failure in either
IFRS
Global accounting guidelines known as International Financial Reporting Standards are used for the preparation of financial statements.
U.S. GAAP
United States Generally Accepted Accounting Principles - a framework of accounting standards, principles, and procedures used in the U.S. for financial reporting.
Revaluation
The process of reviewing and adjusting the carrying value of an asset or currency to reflect its current market value.
Commercial Substance
A concept in accounting that signifies a transaction causes a change in the future cash flows that is significant to a business.
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