Unit Of Account

From Open Risk Manual

Definition

Unit Of Account. In general financial context, it denotes a nominal monetary measurement unit used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses (e.g expressed in currency units).

In more formally defined accounting contexts, a unit of account is any discrete reported asset or liability (the associated monetary value). The applicable unit of account is selected for an Asset or Liability when considering how recognition criteria and measurement concepts will apply to that asset or liability and to the related income and expenses.

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.