IFRS Defintions

Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. (IAS 36 6)

OR

The present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. (IFRS 5 Appendix A Definitions)

US GAAP – A variable interest entity (VIE) refers to a legal business structure in which an investor has a controlling interest despite not having a majority of voting rights. Variable interest entities are often established as special purpose vehicles (SPVs) to passively hold financial assets, or to actively conduct research and development. Under the Federal securities laws, public companies have to disclose their relationships to VIEs when they file their 10-K forms

The portion of payments made by a lessee to a lessor for the right to use an underlying asset during the lease term that varies because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.

To become an entitlement. Under a share-based payment arrangement, a counterparty’s right to receive cash, other assets or equity instruments of the entity vests when the counterparty’s entitlement is no longer conditional on the satisfaction of any vesting conditions.

Vested benefits are benefits, the rights to which, under the conditions of a retirement benefit plan, are not conditional on continued employment.

A condition that determines whether the entity receives the services that entitle the counterparty to receive cash, other assets or equity instruments of the entity, under a share-based payment arrangement. A vesting condition is either a service condition or a performance condition.

The period during which all the specified vesting conditions of a share-based payment arrangement are to be satisfied.