Entity

Something that exists independently, for example a business exists independently of its owner.

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External Users

Users of financial statements that are not allowed access to financial documents on a day-to-day basis.

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Format

The way in which financial statements are laid out in the order they appear.

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IAS

International Accounting Standard, issued by the IASB’s predecessor body.

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Agency

The relationship between a principal and an agent, for example in a limited liability the company is the principal and the director is the agent.

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