APPLICABLE FINANCIAL REPORTING FRAMEWORK is the financial reporting framework adopted in the preparation of the financial statements that is acceptable in
view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.
REPO is a contract under which the seller of securities, such as Treasury Bills, agrees to buy them back at a specified time and price. Also called repurchase agreement or buyback. See REPURCHASE AGREEMENT.
ABSORPTION VARIANCE is the variance from budgeted absorption costing of manufactured product. See also ABSORPTION COSTING.
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