DISCOUNT ALLOWED, normally, is a reduction of the invoice amount for early payment of the invoice value.
AISG is Accountants International Study Group.
DISCLOSURE PRINCIPLE states that any and all information that affects the full understanding of a companys financial statements must be include with the financial statements. Some items may not affect the ledger accounts directly. These would be included in the form of accompanying notes. Examples of such items are outstanding lawsuits, tax disputes, and company takeovers.
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