-
IAS
is Institute of Asset Management
(UK).
-
IASB
see International Accounting
Standards Board.
-
IASC
is International Accounting Standards
Committee.
-
IAW
is In Accordance With or In Agreement
With.
-
IBA
, among others, can mean: Individual
Brokerage Account, Individually Billed Accounts, Institute of Business
Appraisers, International Bar Association, or, International Business
Advisors.
-
IBAN
is the International Bank Account Number. An IBAN has a maximum of 34 alphanumeric characters. It is a series of alphanumeric characters that uniquely identifies a customer's account held at a bank anywhere in the world. It helps facilitate the automatic processing of cross-border credit transfers. Currently there are 23 countries requiring IBAN numbers in order to wire EUROs.
-
IBER
is Institute of Business and
Economic Research (University of California) or International Business
Ethics Review.
-
IBNR
is Incurred But Not Reported.
-
IDENTIFIABLE ASSETS and LIABILITIES
are those assets and liabilities of a business that can be disposed of
without disposing of the entire business. It includes both tangible and
intangible assets.
-
IDLE TIME
is unproductive time caused by, e.g., machine breakdowns, shortages of material or inefficient scheduling. The cost of idle time is usually classified as an indirect rather a direct cost.
-
IFRS
see INTERNATIONAL FINANCIAL REPORTING
STANDARDS.
-
ILLIQUID
is when cash flows generated
by the firm are insufficient to meet the debt service. When speaking
of money or an economy: being very liquid means it is driven by primarily
by cash, checking/saving accounts, treasury bills, stocks and bonds,
etc; while being very illiquid means it is driven primarily by human
capital.
-
IMAD
, dependent upon usage,
is Input Messaging Accountability Data: A time stamp that is assigned
to a Fedwire message when it is processed
by the Federal Reserve Bank Funds Transfer application; or, Information
Management Assimilation & Delivery; or, Industrial Management and
Distribution System.
-
IMMATERIALITY
is of complete irrelevance
requiring no further consideration.
-
IMMOVABLE
is a. not able to be moved
or changed; or, b. assets consisting of land, buildings, or other permanent
items.
-
IMPAIRED GOODWILL
is the recognition
of the reduction in value of the intangible asset known as goodwill.
-
IMPAIRMENT
see FRS 11.
-
IMPAIRMENT OF VALUE
is the permanent
decline in the value of an asset. The entry is to debit the loss account
and credit the asset for the loss in utility. See also FRS 11.
-
IMPERSONAL ACCOUNTS
represents accounts
other than Personal Accounts. This may be sub-classified into: a. Real
Accounts, e.g. Asset Account; and, 2. Nominal Accounts, e.g. Income and
Expenditure Accounts.
-
IMPERSONAL LEDGER
see LEDGER.
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IMPLICIT RATE OF INTEREST
is when
the stated interest rate is not indicative of the market rate at the
time a note is negotiated, the value of the asset (cash or non-cash)
or service exchanged for the note establishes the market rate.
-
IMPLIED COST
is hidden or opportunity cost incurred in using the already paid for assets, without taking into account the income these assets would earn if hired out to others.
-
IMPOSE
is to set forth authoritatively
as obligatory by rule or by law, e.g. budgetary constraints imposed upon
the U.S. Congress.
-
IMPOSTA VALORE AGGIUNTO TAX (IVA TAX)
,
in Italy, like most other European countries, Italy imposes a
value added tax (VAT) on most goods and services purchased in the country.
In Italy, the value added tax is known as the Imposta sul Valore Aggiunto
or IVA. This tax is normally included or built into the price of most
goods and services. The general rate of tax is 19% of the sale price.
-
IMPREST
see PETTY CASH.
-
IMPREST BASIS
, in cash accounts, means
that the exact amount of fund expenditures is replaced periodically.
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IN THE BLACK
means making
money; the opposite of "in the red."
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IN THE RED
means losing
money; the opposite of "in the black."
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IN TRANSIT
literally means that the item(s) is in route. In marine insurance, "in transit" means that once goods leave the port (or place) of loading, they will be carried to the port (or place) of destination over the usual or most common route without undue delay or interruption, otherwise the insurance cover may be voided. In practice, however, marine insurance policies provide for some delay or interruption, especially those beyond the control of the insured party.
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IN-KIND
is the value of goods or services
provided for which money would have otherwise been paid.
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