Accounting Period
A specific time frame covered by financial reports, like a month, quarter, or year. It helps businesses track and compare performance over consistent intervals. Common periods include calendar year (Jan–Dec) or fiscal year, which may differ depending on business structure and tax requirements.
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Australian Accounting Standards Board (AASB)
The statutory body responsible for developing and maintaining accounting standards in Australia. AASB standards are largely aligned with IFRS but include additional requirements for not-for-profit and…
Accounts Payable Aging
A report that categorizes outstanding vendor invoices by due date ranges (e.g. 0–30, 31–60 days), used to manage cash flow…
Active Income
Allocation is the process of distributing costs, revenues, or expenses to different accounts, departments, or projects based on predefined criteria.…
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