NZICA Definition

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NZICA stands for New Zealand Institute of Chartered Accountants.

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INVENTORY OBSOLESCENCE is when inventory is no longer salable. Possibly due to too much inventory on hand, out of fashion or demand. The true value of the inventory is seldom exactly what is shown on the balance sheet. Often, there is unrecognized obsolescence.

SALE AND LEASEBACK is a financial transaction, where one sells an asset and leases it back for the long-term. 

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