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unit of account

   Also found in: Financial, Wikipedia 0.02 sec.
unit of account
n
1. (Economics) Economics the function of money that enables the user to keep accounts, value transactions, etc.
2. (Economics) a monetary denomination used for accounting purposes, etc., but not necessarily corresponding to any real currency the ECU is the unit of account of the European Monetary Fund Also called (esp US and Canadian) money of account
3. (Economics) the unit of currency of a country


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The IMF explains on its web site: "Today, the SDR has only limited use as a reserve asset, and its main function is to serve as the unit of account of the IMF and some other international organizations.
Unit of Account Key to the FIN 48 analysis of state and local income taxes is the identification of the "unit of account" which is the level at which a tax position should be analyzed.
This approach views the asset, from the time the liability for decommissioning is initially incurred until the end of the asset's useful life, as the unit of account to which the decommissioning costs relate.
 
 
 
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