Depreciation The process of allocating to expense the cost of a plant

asset over its useful (service) life in a rational and systematic manner,
(p. 9-7).
Franchise (license) A contractual arrangement under which the
franchisor grants the franchisee the right to sell certain products,
perform specific services, or use certain trademarks or trade names,
usually within a designated geographic area. (p. 9-21).
Going concern assumption States that the company will continue in
operation for the foreseeable future, (p. 9-7).
Goodwill The value of all favorable attributes that relate to a company
that is not attributable to any other specific asset, (p. 9-21).
Intangible assets Rights, privileges, and competitive advantages that
result from the ownership of long-lived assets that do not possess
physical substance, (p. 9-20).
Licenses Operating rights to use public property, granted to a business
by a governmental agency, (p. 9-21).
Materiality concept If an item would not make a difference in decision-
making, a company does not have to follow IFRS in reporting it. (p. 9-5).
Natural resources Assets that consist of standing timber and
underground deposits of oil. gas. or minerals, (p. 9-18).
Ordinary repairs Expenditures to maintain the operating efficiency and
productive life of the plant asset, (p. 9-5).
Patent An exclusive right issued by a patent office that enables the
recipient to manufacture, sell, or otherwise control an invention for a
specified number of years from the date of the grant, (p. 9-20).
Plant assets Tangible resources that are used in the operations of the
business and are not intended for sale to customers, (p. 9-2).