Financial Reporting

Contingent Asset
An asset for which the pay-off depends upon future events that are not under the control of the company holding the asset.
Qualification of Accounts
A report by auditors indicating they cannot certify the accounts as true and fair.
International Accounting Standards Board
An independent body responsible for developing the International Financial Reporting Standards.
True and Fair View
The principle that financial accounts should provide a correct and honest impression of the financial state of a company.