INTERNATIONAL ACCOUNTING STANDARDS Definition

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INTERNATIONAL ACCOUNTING STANDARDS (IAS) see INTERNATIONAL FINANCIAL REPORTING STANDARDS.

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COST PRINCIPLE is the principle where a company is obliged to record its fixed assets at their actual purchase price or production cost.

HARD ASSETS are physical assets (land, buildings, equipment) and financial assets (cash, credit, financial instruments). Hard assets are usually on the records of account in an organization and subjected to inventory and/or custodial safeguards. See also SOFT ASSETS.

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