ASSURANCE ENGAGEMENT is an engagement in which an accountant issues a report
designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).
DISCOUNT RATE, generally, it is a rate of return (cost of capital) used to convert a monetary sum, payable or receivable in the future, into present value. In finance, it is the interest rate that the Federal Reserve of the U.S. Government charges a U.S. bank to borrow funds when a bank is temporarily short of funds. Collateral is necessary to borrow, and such borrowing is quite limited because the Fed views it as a privilege to be used to meet short-term liquidity needs, and not a device to increase earnings.
FULL DISCLOSURE, generally, is the requirement to disclose all relevant or material facts to a transaction.
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