Balance of payments A summary statement of all the international transactions of the residents of a country with the rest of the world over a particular period of time.

Base cost Base cost of an asset is what is actually spent on acquiring an asset, together with expenditure directly related to the acquisition or disposal of the asset.

Baseline The initial allocations used during the budget process, derived from the previous year's forward estimates.

Binding Private Ruling A "binding private ruling" is an advance tax ruling, issued in response to an application, that states how the SARS Commissioner would interpret and apply provisions of the tax laws to a specific proposed transaction.

Binding General Ruling A "binding general ruling" is an advance tax ruling that is issued by the SARS Commissioner, in his or her discretion, in respect of the application or interpretation of a provision of the tax law in respect of issues or matters of general interest or importance.

Board meetings The meeting of the company board of directors

Bond A certificate of debt issued by a government or corporation guaranteeing payment of the original investment plus interest by a specified future date.

Budget balance The difference between budgeted expenditure and budgeted revenue. If expenditure exceeds revenue the budget is in deficit or, if the reverse is true, it is in surplus.