GLOSSARY of Accounting Terms – G
August 24th, 2006
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Gains |
Increases in economic benefits and as such are no different in nature from revenue. |
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Going concern |
The financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. |
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Goodwill |
Future economic benefits arising from assets that are not capable of being individually identified and separately recognised. |
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Group |
A parent and all its subsidiaries. |
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