An organization of workers formed for the purpose of serving the members’ interests with respect to wages, benefits and working conditions.
The time taken in planning or implementing an event until it actually occurs.
A form of legal agreement to lease an asset that is owned by one party who receives rent from another party, the tenant. The tenant operates the business for a period of time in the expectation that the profits from the business will exceed the rent paid. The lease is normally long term (typically 15 to 20 years plus tenants’ options to extend) with the property owner receiving a fixed rent.
Formal permission to engage in a certain activity, granted by the appropriate authority recognized by law, which would be unlawful without this permission.
The London Interbank offer rate.
The length of time a whole building or individual part may last, including maintenance required.
Life cycle costing
A group of economic appraisal techniques which assess the sum of all relevant capital, operating and maintenance costs and incomes of an asset. All costs and incomes are brought together in a comparable form, allowing for the fact the cash flows occur at different times during an asset’s life cycle.
A measure of the entity’s ability to meet its financial commitments when they become due. The most common short term liquidity rates are: current ratio, quick ratio and cash ratio.
The possibility that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
An agreement under which an entity (the lender) gives money to another entity (the borrower). In return, the borrower agrees to pay the lender a payment(interest) and return the amount of money at the end of the agreed-upon time period.
Financial liabilities, other than short-term trade payables on normal credit terms.
An asset with low historical costs which do not meet the criteria of materiality for separate asset recognition, and the cost of which can be recorded as an expense when incurred.