ACCOUNTING STANDARDS BOARD (ASB) Definition

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ACCOUNTING STANDARDS BOARD (ASB) makes, improves, amends and withdraws accounting standards. Many of ASBs specialize in the various fields or sectors of accounting.

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GINNIE MAE see GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.

DEFERRED EXPENDITURE is an expenditure for which payment has been made or a liability incurred but which is carried forward on the presumption that it will be of benefit over a subsequent period or periods. This is also referred to as deferred revenue expenditure.

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