Recasting
This is another term for normalization, which involves adjusting financial statements to depict the economic performance and condition of a company from the perspective of an investor.
Off Balance Sheet Liabilities
These are unrecorded obligations, such as repurchase agreements, pending lawsuits, and unfunded pensions.
Normalization
This is the process of adjusting or “normalizing” financial statements to remove the influence of decisions made by the owners to minimize taxes and to recast or restate them in such a way as to depict the economic performance and condition of the company from the perspective of an investor.
Non-Operating Assets
These are assets not necessary to ongoing operations of the business enterprise.
LIFO
This is an acronym for the Last In, First Out inventory valuation method. The last inventory units purchased are considered to be the first sold.
Intangible Assets
These are non-physical assets, such as franchises, trademarks, patents, copyrights, goodwill, mineral rights, securities and contracts, that grant rights, privileges, and have economic benefits for the owner.
GAAP
This is an acronym for Generally Accepted Accounting Principles. GAAP includes the standards, conventions, and rules accountants follow in recording financial transactions and preparing financial statements.
FIFO
This is an acronym for the First In, First Out inventory valuation method. The first inventory units purchased are considered to be the first sold.
Depreciation
This is the allocation of the cost of a tangible asset to expenses over the asset’s estimated useful life.
Capitalize
This is to classify a cost as a long-term investment, rather than expensing it to current operations.
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