Deficit: Difference between revisions
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1. ''Pensions - defined benefit schemes.'' | |||
The excess of liabilities over assets in a funded Defined benefit pension scheme; also known as under-funding. | The excess of liabilities over assets in a funded Defined benefit pension scheme; also known as under-funding. | ||
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2. ''Public finances.'' | |||
A government fiscal deficit, usually for a particular period, most often a year. | |||
3. | |||
Any financial shortfall, whether cumulative or for a single period. | |||
Revision as of 23:50, 14 May 2020
1. Pensions - defined benefit schemes.
The excess of liabilities over assets in a funded Defined benefit pension scheme; also known as under-funding.
Example
Pension liabilities = 100.
Pension assets = 90.
The deficit would be:
100 - 90
= 10.
(Not to be confused with the percentage funding level which in this example would be 90 / 100 = 90%.)
Relevant accounting standards include Section 28 of FRS 102.
2. Public finances.
A government fiscal deficit, usually for a particular period, most often a year.
3.
Any financial shortfall, whether cumulative or for a single period.
