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Accounting for Intangible Assets

08 Mar 2012 / 0 Comments

Steve Collings looks at the fundamental principles in accounting for goodwill and intangible assets and also looks at some fundamental differences between current UK GAAP, IFRS and the proposed IFRS for SMEs.As accountants we are all aware that an intangible asset does not have any physical form

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Published On:Thursday, 12 January 2012
Posted by Muhammad Atif Saeed

Law Dictionary Word Under E

Easement a right to use someone else's land, such as a right of way.

Enabling legislation legislation which authorises government ministers or bodies to create detailed rules to accomplish general principles set out in the legislation. For example it may allow a minister to create rules or laws for a particular body, such as the police, to follow.

Endorsement a change to the original terms of a contract, such as an insurance policy.

Endowment policy a type of insurance policy which will pay out a lump sum on a fixed date in the future, or when you die if this happens earlier.

Enduring power of attorney a power of attorney which takes effect in the future. If a person is capable of dealing with their own affairs at present, they can sign an enduring power of attorney. It will only come into effect when they are no longer capable of looking after their own affairs. It
gives authority to the person appointed to act for the person who signed the power of attorney.

Engrossment preparing the final version of a legal document ready for it to be executed (made valid such as with a signature). 

Equitable mortgage the type of mortgage where the purchaser owns the property which is security for the mortgage. 

Escrow a deed which has been supplied but cannot become effective until a future date, or until a particular event happens.
 
Estate is:
_ all a person owns at the date of their death; or
_ the right to use land for a period of time.

Estimate an offer to do stated work for a set price.

Estoppel a rule of law that a person cannot deny something they previously said, if someone else acted on what was said and their position was changed, possibly for the worse, as a result.

Et seq 'and in the following pages'. It is sometimes written in books and documents. (This phrase is abbreviated from the Latin 'et sequeus'.)

Euthanasia killing someone to end their suffering. 

Excess of jurisdiction someone such as a judge acting without authority. 

Exchange of contract swapping identical contracts. When land is sold, the person selling and the person buying both sign identical copies of the contract and exchange them. The contract is then binding on both of them.
 
Excise duty a type of tax levied on certain goods such as petrol. It is also levied on some activities such as gambling and on certain licences for activities (such as driving a car on the public roads).

Exclusions the things an insurance policy does not provide cover for. They will be listed in the insurance policy. 

Exclusive licence a licence under which only the licence holder has any rights.

Ex dividend without dividend. If a share is sold ex dividend, the seller will receive the dividend declared just before it was sold.

Execute to carry out a contract.

Executed describing a document which is made valid (in the eyes of the law) such as by being signed or sealed. 

Executive director a director who usually works full time as a director of the company.

Executor a man appointed in a will to deal with the estate, according to the wishes set out in the will. Today it is often used to refer to a woman as well. 

Executory describing something, such as a contract, which has not been started yet.

Executrix a woman appointed in a will to deal with the estate, according to the wishes set out in the will. 

Exemplary damages damages given as a punishment for the defendant. 

Ex gratia describing something done or given as a favour rather than a legal obligation. (This term is Latin.)

Ex parte done by one side only in a case. (This term is Latin.

Expert witness an expert in a particular field who is called to give an opinion in a court case.

Ex post facto describing a law which is retrospective (it affects past acts as well as future ones). (This term is Latin.)

Extradition the handing over of a criminal to the country the crime was committed in.

Extraordinary general meeting a general meeting of the members of a company which is not the annual general meeting. 

Extraordinary resolution a resolution for consideration by the members of a company at a  general meeting of the members. and seller.

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Posted by Muhammad Atif Saeed on 14:33. Filed under , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

By Muhammad Atif Saeed on 14:33. Filed under , . Follow any responses to the RSS 2.0. Leave a response

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I am doing ACMA from Institute of Cost and Management Accountants Pakistan (Islamabad). Computer and Accounting are my favorite subjects contact Information: +923347787272 atifsaeedicmap@gmail.com atifsaeed_icmap@hotmail.com
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  6. Asset Management Market Efficiency Asset Management Market Efficiency
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