Understand the terms we use

Insurance Advice Terms

Deferred Tax Liabilities

The amounts of income taxes payable in future periods in respect of taxable temporary differences.

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Depreciated Replacement Cost

The current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired future economic benefits of the asset.

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Foreign Currency Transaction

A transaction that is denominated in or requires settlement in a foreign currency.

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Interim Financial Report

A financial report containing either a complete set of financial statements (as described in AASB 101) or a set of condensed financial statements (as described in AASB 134) for an interim period.

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