Deficit: Difference between revisions
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* [[Multicurrency cross-border pooling]] | * [[Multicurrency cross-border pooling]] | ||
* [[Multicurrency one-country pooling]] | * [[Multicurrency one-country pooling]] | ||
* [[Office for Budget Responsibility]] | |||
* [[Provision]] | * [[Provision]] | ||
* [[Surplus]] | * [[Surplus]] |
Revision as of 13:35, 20 May 2020
1.
Any financial shortfall, whether cumulative or for a single period.
2. Public finances.
A government fiscal deficit, usually for a particular period, most often a year.
3. Pensions - defined benefit schemes.
The accumulated 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.