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[ F ]
FIFO (first-in, first-out)
o The assumption that the items of inventory that were purchased or produced first are sold first, and consequently the items remaining in inventory at the end of the period are those most recently purchased or produced.
Finance lease
o A lease that transfers substantially all the risks and rewards incident to ownership of an asset. Title may or may not eventually be transferred
Foreign currency
o A currency other than the functional currency of the entity.
Foreign currency transaction
o A transaction that is denominated in or requires settlement in a foreign currency.
Foreign operation
o An entity that is a subsidiary, associate, joint venture or branch of the reporting entity, the activities of which are based or conducted in a country other than the country of the reporting entity.
Functional currency
o The currency of the primary economic environment in which the entity operates.
Future economic benefit
o The potential to contribute, directly or indirectly, to the flow of cash and cash equivalents to the entity. The potential may be a productive one that is part of the operating activities of the entity. It may also take the form of convertibility into cash or cash equivalents or a capability to reduce cash outflows, such as when an alternative manufacturing process lowers the costs of production.
Fictitious assets
o these items appear on the Balance Sheet because they have not been written off against the profits of the business eg long-term advertising expenditure which is written off over the expected period of benefit from the expenditure.
First in first out (FIFO)
o a basis for costing the material content of a job on the basis the oldests stocks are used first.
Fixed overheads
o Expenses that do not vary with output
Free depreciation
o Whereby a company can write off the cost of fixed assets how it wishes
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