AFE Definition

AFE, dependent upon usage, is an acronym for Authorization for Expenditure or Average Funds Employed.

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IMPAIRMENT OF VALUE is the permanent decline in the value of an asset. The entry is to debit the loss account and credit the asset for the loss in utility. See also FRS 11.

CONSOLIDATED ENTITY is a user-defined combination of several consolidation units, grouped together for consolidation and reporting purposes.

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