ASB Definition

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ASB see ACCOUNTING STANDARDS BOARD.

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EQUITY INSTRUMENT covers any share (or part thereof) in the equity share capital of a company (or a comparable member's interest in a close corporation). The term also includes share options and any other financial instrument convertible into a share (such as a convertible debenture).

LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

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