Onerous contract

Onerous contract,

Definition of Onerous contract:

  1. The term is used in many countries worldwide, where international regulators have determined that such contracts must be accounted for on balance sheets. The United States has a different system, based on generally accepted accounting principles, or GAAP, as set forth by the U.S.-based Financial Accounting Standards Board.

  2. An onerous contract is an accounting term that refers to a contract that will cost a company more to fulfill than what the company will receive in return.

  3. An agreement that produces a product or service for a larger amount that would be the anticipated profit. An example of this is a lease contract.

How to use Onerous contract in a sentence?

  1. Companies that follow those standards are required to report any onerous contracts they're committed to on their balance sheets.
  2. An onerous contract is an accounting term defined under the International Financial Reporting Standards (IFRS), used in many countries around the world.
  3. In the United States, companies typically follow a different set of accounting standards and generally don't have to account for their onerous contracts.

Meaning of Onerous contract & Onerous contract Definition

Onerous Contract,

Onerous Contract Meanings:

A large contract is an accounting term that refers to a contract that charges a higher price to the company.

  • Multi-contract is an accounting term used in many countries around the world in accordance with the International Financial Reporting Standards (IFRS).
  • Companies that comply with this standard have to disclose in their balance sheets any of these heavy contracts.
  • In the United States, companies generally follow different accounting standards and generally do not need to report heavy contracts.

Literal Meanings of Onerous Contract

Onerous:

Meanings of Onerous:
  1. (Work, duties or responsibilities) which involves a lot of hard work and difficulty.

Sentences of Onerous
  1. Find out if the function is getting more expensive

Synonyms of Onerous

oppressive, inconvenient, awkward, burdensome, troublesome, heavy, crushing, back-breaking

Contract:

Meanings of Contract:
  1. Make formal and legally binding agreements.

  2. Catch or Prepare (Disease or Infectious Agent)

  3. Your debt

  4. Written or verbal agreements, including, but not limited to, employment, sale or lease agreements, which are aimed at legal force.

Sentences of Contract
  1. When it cools, the glass contracts

  2. Local authorities will employ various agencies to provide services

  3. Three people infected with the deadly virus

  4. The resulting debt is 3,300

Synonyms of Contract

pick up, agreement, be taken ill with, compact, arrangement, engage, become infected with, fall ill with, fall into, catch, undertaking, become smaller, pledge, acquire, shrink, commitment, become liable to pay, understanding, incur, get smaller, be stricken with, develop, succumb to, bond