Glossary
U
33 terms
Unallocated Contract
A contract with an insurance entity under which payments to the insurance entity are accumulated in an unallocated fund (not allocated to specific plan participants) to be used either directly or through the purchase of annuities, to meet benefit payments when employees retire. Funds held by the insurance entity under an unallocated contract may be withdrawn and otherwise invested.
uncollectibility
A situation in which, as a result of credit issues, the time-share seller is unable to collect all amounts due (both principal and interest) according to the contractual terms of a note receivable from a buyer, or a time-share receivable has not been written off but facts and circumstances indicate that it is probable that the seller will not collect all contractual payments. Any sale that, as a result of credit issues, is cancelled or modified subsequent to being recorded as a sale is considered uncollectible. For purposes of this definition, probable is defined in paragraph 450-20-25-1 as "likely to occur".
Used in 1 subtopic:310-978
Uncommitted loans
A mortgage loan that does not meet the specific terms of a commitment or for which a reasonable doubt exists about the acceptance of the loan under a commitment.
Used in 1 subtopic:310-948
Uncompleted wells, equipment, and facilities
Uncompleted wells, equipment, and facilities, the costs of which include those incurred to: Drill and equip wells that are not yet completed Acquire or construct equipment and facilities that are not yet completed and installed.
Used in 1 subtopic:360-932
unconditional promises to give
A promise to give that depends only on passage of time or demand by the promisee for performance.
Used in 7 subtopics:205-958310-958350-60405-958605-958720-25+1 more
unconditional purchase obligations
An obligation to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices (for example, as in take-or-pay contracts or throughput contracts).
underlying
A specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, or other variable (including the occurrence or nonoccurrence of a specified event such as a scheduled payment under a contract). An underlying may be a price or rate of an asset or liability but is not the asset or liability itself. An underlying is a variable that, along with either a notional amount or a payment provision, determines the settlement of a derivative instrument.
Used in 9 subtopics:210-946460-10810-10815-10815-15815-20+3 more
Underlying Asset
An asset that is the subject of a lease for which a right to use that asset has been conveyed to a lessee. The underlying asset could be a physically distinct portion of a single asset.
Used in 30 subtopics:210-20220-40230-10255-10270-740310-10+6 more
Undersecured claim
A secured claim whose collateral is worth less than the amount of the claim. Sometimes referred to as an undersecured claim liability.
Used in 1 subtopic:852-10
Underwater Endowment Fund
A donor-restricted endowment fund for which the fair value of the fund at the reporting date is less than either the original gift amount or the amount required to be maintained by the donor or by law that extends donor restrictions.
Used in 1 subtopic:205-958
Underwriting Risk
The risk arising from uncertainties about the ultimate amount of net cash flows from premiums, commissions, claims, and claim settlement expenses paid under a contract.
Undeveloped Oil and Gas Reserves
See paragraph 932-10-S99-1, Regulation S-X Rule 4-10(a)(31), for the definition of undeveloped oil and gas reserves as used within that Rule.
Used in 1 subtopic:932-10
undivided interest
An ownership arrangement in which two or more parties jointly own property, and title is held individually to the extent of each party's interest.
unfunded accumulated postretirement benefit obligation
The accumulated postretirement benefit obligation in excess of the fair value of plan assets.
Used in 1 subtopic:715-60
unfunded projected benefit obligation
The excess of the projected benefit obligation over plan assets.
Used in 1 subtopic:715-30
Unguaranteed Residual Asset
The amount that a lessor expects to derive from the underlying asset following the end of the lease term that is not guaranteed by the lessee or any other third party unrelated to the lessor, measured on a discounted basis.
unguaranteed residual value
The estimated residual value of the leased property exclusive of any portion guaranteed by the lessee or by a third party unrelated to the lessor. A guarantee by a third party related to the lessee shall be considered a lessee guarantee. If the guarantor is related to the lessor, the residual value shall be considered as unguaranteed.
Used in 1 subtopic:255-10
unilateral ability
A capacity for action not dependent on the actions (or failure to act) of any other party.
Used in 1 subtopic:860-10
unilateral administrative order
Order issued unilaterally by the Environmental Protection Agency under section 106(a) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to potentially responsible parties, or to nonpotentially responsible parties such as adjacent landowners, requiring them to take a response action. Unilateral administrative orders contain findings of fact and conclusions of law, and they specify the work to be performed and the Environmental Protection Agency's right to take over the work in the event of noncompliance, inadequate performance, or an emergency. A unilateral administrative order does not allocate conduct required by the order between individual potentially responsible parties; however, the Environmental Protection Agency may issue carve-out orders requiring individual potentially responsible parties to perform specific actions. Also referred to as a section 106 order.
Used in 1 subtopic:410-30
Unit of Account
The level at which an asset or a liability is aggregated or disaggregated in a Topic for recognition purposes.
Used in 1 subtopic:820-10
units-of-revenue method
A method of amortizing deferred revenue that arises under certain sales of future revenues. Under this method, amortization for a period is calculated by computing a ratio of the proceeds received from the investor to the total payments expected to be made to the investor over the term of the agreement, and then applying that ratio to the period's cash payment.
Used in 1 subtopic:470-10
Unknown Potentially Responsible Party
A party that has liability with respect to a Superfund site, but that has not yet been identified as a potentially responsible party by the Environmental Protection Agency or by an analogous state agency.
Used in 1 subtopic:410-30
Unobservable Inputs
Inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.
Used in 1 subtopic:820-10
unproved properties
Unproved properties are properties with no proved reserves.
Unproven Potentially Responsible Party
A party that has been identified as a potentially responsible party for a Superfund site by the U.S. Environmental Protection Agency or by an analogous state agency, but that does not acknowledge potential involvement with respect to the site because no evidence has been presented linking the party to the site. Also referred to as a hiding-in-the-weeds potentially responsible party.
Used in 1 subtopic:410-30
unrecognized tax benefit
The difference between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to Subtopic 740-10.
unsecured claim
A liability that is not secured by collateral. In the case of an undersecured creditor, the excess of the secured claim over the value of the collateral is an unsecured claim, unless the debtor elects in a Chapter 11 proceeding to have the entire claim considered secured. The term is generally used in bankruptcy to refer to unsecured claims that do not receive priority under the Bankruptcy Code. Sometimes referred to as an unsecured claim liability.
Used in 1 subtopic:852-10
Unsystematic Risk
The risk specific to a particular asset or liability. Also referred to as diversifiable risk.
Used in 1 subtopic:820-10
Unusual Nature
The underlying event or transaction should possess a high degree of abnormality and be of a type clearly unrelated to, or only incidentally related to, the ordinary and typical activities of the entity, taking into account the environment in which the entity operates (see paragraph 220-20-60-1).
upgrade
A time-sharing transaction whereby a customer relinquishes the right to a currently held time-sharing interval and obtains a higher-priced time-sharing interval from the same seller.
Used in 1 subtopic:330-978