P

Definition

An entity that has one or more subsidiaries.

Definition

The increase in the present value of the defined benefit obligation for employee service in prior periods, resulting in the current period from the introduction of, or changes to, post-employment benefits or other long-term employee benefits. Past service cost may be either positive (where benefits are introduced or improved) or negative (where existing benefits are reduced).

Definition

The recognition of revenue and expenses by reference to the stage of completion of a contract. Under this method contract revenue is matched with the contract costs incurred in reaching the stage of completion, resulting in the reporting of revenue, expenses and profit which can be attributed to the proportion of work completed.

Definition

• (a) Assets held by a long-term employee benefit fund; and
• (b) qualifying insurance policies.

Definition

Employee benefits (other than termination benefits) which are payable after the completion of employment.

Definition

Formal or informal arrangements under which an entity provides post-employment benefits for one or more employees.

Definition

A financial instrument or other contract that may entitle its holder to ordinary shares.

Definition

A current estimate of the present discounted value of the future net cash flows in the normal course of business.

Definition

See ‘defined benefit obligation (present value of)’

Definition

Financial instruments such as receivables, payables and equity securities, that are not derivative financial instruments.

Definition

Omissions from, and misstatements in, the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that:

• (a) was available when financial statements for those periods were authorised for issue; and
• (b) could reasonably be expected to have been obtained and taken into account in the preparation and presentation of those financial statements.

Such errors include the effects of mathematical mistakes, mistakes in applying accounting policies, oversights or misinterpretations of facts, and fraud.

Definition

More likely than not.

Definition

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.

Definition

The total of income less expenses, excluding the components of other comprehensive income.

Definition

An actuarial valuation method that sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation (sometimes known as the accrued benefit method pro-rated on service or as the benefit/years of service method).

Definition

Tangible items that:

• (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and
• (b) are expected to be used during more than one period.

Definition

A method of accounting and reporting whereby a venturer’s share of each of the assets, liabilities, income and expenses of a jointly controlled entity is combined line by line with similar items in the venturer’s financial statements or reported as separate line items in the venturer’s financial statements.

Definition

A liability of uncertain timing or amount.

Definition

Contracts that give the holder the right to sell ordinary shares at a specified price for a given period.