Expected Credit Loss (ECL)
A forward-looking provisioning model under Ind AS 109 that estimates credit losses on receivables and other financial assets, rather than waiting for a loss to be incurred.
Related terms
- Entity-Level Controls
Controls operating at the level of the organisation as a whole rather than within a specific process — the control environment, risk assessment process, and board/audit committee oversight.
- Exempt Supply
A supply on which no GST is charged and on which the supplier cannot claim input tax credit for inputs used to make it.
- FIFO (First-In, First-Out)
An inventory costing method that assumes the oldest stock on hand is sold first, so the earliest costs flow to cost of goods sold.
- Fixed Asset Register (FAR)
The detailed record of every fixed asset a company owns — cost, location, accumulated depreciation, useful life — that should tie to the general ledger balance.
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