1 A B C D E F G H I J K L M N O P Q R S T U V W
Un Us

Underlying asset

An asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.






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Underlying items

Items that determine some of the amounts payable to a policyholder. Underlying items can comprise any items; for example, a reference portfolio of assets, the net assets of the entity, or a specified subset of the net assets of the entity.






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Unguaranteed residual value

That portion of the residual value of the underlying asset, the realisation of which by a lessor is not assured or is guaranteed solely by a party related to the lessor.






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Unit of account

The level at which an asset or a liability is aggregated or disaggregated in an IFRS for recognition purposes.






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Unobservable inputs

Inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.






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Useful life

IAS 16 6, IAS 36 6 and IAS 38 8:

Useful life is:
(a) the period over which an asset is expected to be available for use by an entity; or
(b) the number of production or similar units expected to be obtained from the asset by an entity.


IFRS 5 Appendix A Definitions:

The estimated remaining period, from the commencement of the lease term, without limitation by the lease term, over which the economic benefits embodied in the asset are expected to be consumed by the entity.





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