[ G ]

Gains

o         Increases in economic benefits and as such are no different in nature from revenue.

Going concern

o         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.

Goodwill

• Future economic benefits arising from assets that are not capable of being individually identified and separately recognised.
• the net value of a business after deduction of tangible assets;also the excess of the purchase price over the value of the net assets of a purchased company ( an intangible asset)

Group

o         A parent and all its subsidiaries.

Gearing

o         the relationship between the loan capital, preference capital and ordinary capital of a business. A high-geared companhy is one where the prior charges, ie loan and preference capital, are high in relation to the ordinary capital. The reverse is described as low-geared.

Grandfathering arrangement

• an arrangement whereby an old rules continues to be applicable in some circumstances even when a new rule is in place.

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