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.
Related terms
- 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.
- 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 Deposit (FD)
A deposit placed with a bank for a fixed term at a fixed interest rate — verified in audit by confirmation from the bank, not merely the client's own record.
- Foreign Currency Translation
Restating balances denominated in a foreign currency into the reporting currency at the applicable exchange rate, with the resulting gain or loss recognised per the applicable accounting standard.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.