[ 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 […]

[ M ]

Matching of costs with revenues

o A process in which expenses are recognised in the income statement on the basis of a direct association between the costs incurred and the earning of specific items of income. This process involves the simultaneous or combined recognition of revenues and expenses that result directly […]

[ L ]
 
Liability
 
o         A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
 
 
Liquidity
 
o         The availability of cash in the near future after taking account of financial commitments over this period.
 
 
Losses
 
o         Decreases in economic benefits and as […]

[ J ]
 
 
 
 
Job cost
 
o         a cost unit consisting of a single job or contract
 
 
Joint venture
 
o         A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
 

[ I ]

Income

o 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

o An identifiable non-monetary asset without physical substance.

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