CPD – Continuing professional development
CPE – Continuing professional education
IFRS – International Financial Reporting Standard
GAAP – Generally Accepted Accounting Policy
ISA – International Standards on Auditing
IAS – International Accounting Standard
IFRIC – International Financial Reporting Interpretations Committee
SIC – Standards Interpretation Committee
Fair Value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
Amortised cost – The amount at which a financial asset or liability it initially recognised minus principal repayments plus or minus the cumulative amortisation measured at the effective rate of interest
Effective interest rate – The effective interest rate is the true rate of interest earned. It could also be referred to as the market interest rate, the yield to maturity, the discount rate or the internal rate of return
Discount rate – The discount rate is the interest rate used to discount a stream of future cash flows to their present value
IASB – International Accounting Standards Board
FASB – Financial Accounting Standards Board
FRC – Financial Reporting Council
Amortisation – The process of allocating the cost of an intangible asset over time
Impairment – The amount by which an asset or cash generating unit exceed its recoverable amount
OCI – Other Comprehensive Income
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