GLOSSARY of Accounting Terms – I



Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.

Intangible asset

An identifiable non-monetary asset without physical substance.

Interim financial report

A financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim period.

Interim period

A financial reporting period shorter than a full financial year.



  1. held for sale in the ordinary course of business;
  2. in the process of production for such sale; or
  3. in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Inventories encompass goods purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. In the case of a service provider, inventories include the costs of the service for which the entity has not yet recognised the related revenue.

Investing activities

The acquisition and disposal of long-term assets and other investments not included in cash equivalents.

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