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[ P ]

Parent

o         An entity that has one or more subsidiaries.

Profit

o         The residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income. Any amount over and above that required to maintain the capital at the beginning of the period is profit.

Profit or loss for the period

o         A separate line item on the face of the income statement in which all items of income and expense recognised in a period are included unless a Standard or Interpretation requires otherwise.

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[ O ]

Operating activities

o The principal revenue-producing activities of an entity and other activities that are not investing or financing activities

Operating cycle

o The time between the acquisition of assets for processing and their realisation in cash or cash equivalents.

Ordinary share

An equity instrument that is subordinate to all other classes of equity instruments.

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[ N ]

Net realisable value

o The estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
o Net realisable value refers to the net amount that an entity expects to realise from the sale of inventory in the ordinary course of business. Fair value reflects [...]

[ M ]

Matching of costs with revenues

o A process in which expenses are [...]

[ L ]

Liability

o         A present obligation of the entity arising from past events, the settlement of which is expected to result [...]