AAFI Definition

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AAFI is Associated Accounting Firms International.

Learn new Accounting Terms

PRUDENCE CONCEPT, otherwise known as conservatism, says that whenever there are alternative procedures or values, the accountant will choose the one that results in a lower profit, a lower asset value and a higher liability value.

F.A.S. (FREE ALONG SIDE), e.g. 'F.A.S. New York', means that, for instance, if goods are shipped from the State of Nevada in the U.S. to Madrid, Spain, no charges for shipment are made to the importer until the goods are "free alongside the vessel" in New York. After this point, charges may be applied to the importer.

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