CUT-OFF is designating a point of termination. An auditor uses tests of cutoff to obtain evidence that transactions for each year are included in the financial statements of the appropriate year.
AVERAGE FUNDS EMPLOYED see FUNDS EMPLOYED.
SPLIT ACCOUNTING, under IAS 39, provides that if certain conditions are met the 'embedded derivative' in a 'hybrid (combined) financial instrument' (i.e, a financial instrument which includes a non-derivative 'host contract' as well as an embedded derivative) must be accounted for separately from the 'host contract'.
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