AccountingAccounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, , management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.Accounting standardPublicly traded companies typically are subject to rigorous standards. Small and medium businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straightforward. Larger firms most often operate on an accrual basis.Constant purchasing power accountingConstant purchasing power accounting (CPPA) is an accounting model that is an alternative to model historical cost accounting under high inflation and hyper-inflationary environments. It has been approved for use by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).
AssetIn financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent the value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm.
Financial statementIn finance and accounting, financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
BusinessBusiness is the practice of making one's living or making money by producing or buying and sellingproducts (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liabilitycompany. The taxation system for businesses is different from that of the corporates.
Unit of accountIn economics, unit of account, sometimes called currency unit or monetary unit, is a standard unit of measurement of the market value of goods, services, and other transactions. Also known as a measure of relative worth and a standard of deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. It is one of the functions of money.International Financial Reporting StandardsInternational Financial Reporting Standards (IFRS) are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing a company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with publicly listed shares or securities.Going concernA going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).
List of countries by GDP (PPP) per capitaCountries or territories by GDP (PPP) per capita in 2026 A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. This is similar to nominal GDP per capita but adjusted for the cost of living in each country.Fair valueIn economics and accounting, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. The derivation takes into account such objective factors as the costs associated with production or replacement, market conditions and matters of supply and demand. Subjective factors may also be considered such as the risk characteristics, the cost of and return on capital, and individually perceived utility.IAS 19IAS 19 or International Accounting Standard Nineteen rule concerning employee benefits under the IFRS rules set by the International Accounting Standards Board. In this case, "employee benefits" includes wages and salaries as well as pensions, life insurance, and other perquisites. The rules in IAS 19 explains the accounting for longer term employee benefits and post employment plans such as defined benefit retirement plans.
List of countries by GDP (nominal) per capitaNominal gross domestic product (GDP) per capita is the total value of a country's finished goods and services (gross domestic product) divided by its total population (per capita). Gross domestic product per capita is often used as a proxy indicator of a country's standard of living; however, this is inaccurate because GDP per capita is not a measure of personal income and does not take into account social and environmental costs and benefits.*As an Amazon Associate I earn from qualifying purchases.