Difference between revisions of "Unit Of Account"
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== Definition == | == Definition == | ||
− | '''Unit Of Account'''. | + | '''Unit Of Account'''. In general financial context, it denotes a nominal monetary unit of measure used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses |
+ | In more formally defined accounting contexts, a unit of account is selected for an [[Asset]] or [[Liability]] when considering how recognition criteria and measurement concepts that will apply to that asset or liability and to the related income and expenses. | ||
== Disclaimer == | == Disclaimer == | ||
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[[Category:Currency Amount]] | [[Category:Currency Amount]] | ||
[[Category:Money]] | [[Category:Money]] | ||
+ | [[Category:Accounting]] | ||
{{#set: isDefinedBy | https://spec.edmcouncil.org/fibo/ontology/FND/Accounting/CurrencyAmount/index-en.html }} | {{#set: isDefinedBy | https://spec.edmcouncil.org/fibo/ontology/FND/Accounting/CurrencyAmount/index-en.html }} | ||
__SHOWFACTBOX__ | __SHOWFACTBOX__ |
Revision as of 18:02, 6 September 2021
Definition
Unit Of Account. In general financial context, it denotes a nominal monetary unit of measure used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses
In more formally defined accounting contexts, a unit of account is selected for an Asset or Liability when considering how recognition criteria and measurement concepts that 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.