STATEMENTS OF AUDITING STANDARDS Definition

Bookmark and Share

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.

Learn new Accounting Terms

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.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.