GRACE PERIOD Definition

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GRACE PERIOD is the period of time between your statement date and the due date, i.e. it is the time period stipulated in most loan contracts and insurance policies during which a late payment will not result in penalties, default or cancellation.

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FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), often known by the older name of International Accounting Standards (IAS), are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB).

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