STATEMENTS OF AUDITING STANDARDS Definition

STATEMENTS OF AUDITING STANDARDS (SAS) provide guidance to external auditors on Generally Accepted Auditing Standards (GAAS) in regards to auditing an entity and issuing a report.

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NET OPERATING LOSS (NOL) is experienced by a business when business deductions exceed business income for the fiscal year. For income tax purposes, a net operating loss can be used to offset income in a prior year, or a taxpayer can elect to forego the carry back and carry the net operating loss forward.

DIVESTITURE is the sale by a company of a product line, a subsidiary or a division.

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