ASC Definition

ASC is Accounting Standards Committee or Australian Securities Commission.

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SOFT CLOSE, in accounting, is when journal entries may be allowed to periods previously considered closed with the confidence that you can create corrected financial statements and that balances brought forward are corrected; in securities, is when a fund will no longer accept new investors into the fund, however existing shareholders can continue to contribute.

SILENT PARTNERSHIP is the relation of partnership sustained by a person who furnishes capital only, i.e., the partner is not involved in the day-to-day operations or decisions of the entity.

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