Appendix C – Glossary & Acronyms

Subject to key terms defined in this appendix, all other key terms have the same definition as specified in the AASB Glossary of defined terms .

Term	Definition
Liability	a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits (paragraph 10 of AASB 137 ).
Property, plant and equipment	tangible items that: are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes, and are expected to be used during more than one period (paragraph 6 of AASB 116) .
Provision	a liability of uncertain timing or amount (paragraph 10 of AASB 137 ).

Acronym	Full title or term
AASB	Australian Accounting Standards Board
ARR	Asset revaluation reserve
CBMS	Central Budget Management System
FRR	Public Governance, Performance and Accountability (Financial Reporting) Rule 2015
FV	Fair value
OCI	Other comprehensive income
PPE	Property, plant and equipment
PV	Present value
RMG	Resource management guide
TVOM	Time value of money

On this page...