Asset Disposal
The derecognition of a fixed asset from the books, with any gain or loss computed as the difference between the net disposal proceeds and the asset's carrying amount.
Related terms
- Annual Return (Form MGT-7)
A yearly filing with the Registrar of Companies containing particulars of the company's shareholding, directors and other statutory information as at the close of the financial year.
- Arm's Length Price
The price that would be charged in a comparable transaction between unrelated parties — the benchmark against which a related-party transaction's pricing is assessed.
- Audit Committee
A board-level committee required under Section 177 for specified companies, responsible for oversight of financial reporting, the appointment and remuneration of auditors, and related party transactions.
- Audit Evidence
Information an auditor uses to support a conclusion — documents, confirmations, recomputation, observation. The standard of evidence is that it be sufficient and appropriate, not merely present.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.