UK Accounting Glossary
The act of removing an item from the financial statements because the item no longer satisfies the conditions for recognition.
The act or process of derecognizing.
In accounting, derecognition refers to the removal of an asset or liability (or a portion thereof) from an entity’s balance sheet. Derecognition questions can arise with respect to all types of assets and liabilities.
Derecognition also refers to the withdrawal of official recognition from an organization or country.
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This glossary post was last updated: 23rd December 2018.