DEFINITIONS

Accounting is the process of identifying, measuring, recording, and communicating economic information to permit informed judgements and decisions by users of the information.

A possible obligation arising from past events, not fully controlled.

An audit is an independent examination of financial information of any entity, whether profit-oriented or not, irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.

A liability of uncertain timing or amount recognized in financial statements.

True and fair view means that financial statements are free from material misstatements and faithfully represent the financial position, performance, and cash flows of an entity in accordance with applicable accounting standards.

A contract that conveys the right to use an asset for a period.

Materiality refers to the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgement of a reasonable person relying on the information would have been changed or influenced.

A person or entity linked to the reporting entity through control or influence.