Define: Improvement

UK Accounting Glossary

Definition: Improvement


Quick Summary of Improvement


A change in, or addition to, a non-current (fixed) asset that extends its useful life or increases the expected future benefit. Contrast with repair which restores the existing useful life or existing expected future benefit.



What is the dictionary definition of Improvement?

Dictionary Definition


  1. The act of improving; advancement or growth; promotion in desirable qualities; progress toward what is better; melioration; as, the improvement of the mind, of land, roads, etc.
  2. The act of making profitable use or application of anything, or the state of being profitably employed; a turning to good account; practical application, as of a doctrine, principle, or theory, stated in a discourse.
  3. The state of being improved; betterment; advance; also, that which is improved; as, the new edition is an improvement on the old.

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Synonyms For Improvement


improve, improved, advance, progress, improving


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/improvement/
Modern Language Association (MLA):
Improvement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 24, 2020 https://payrollheaven.com/define/improvement/.
Chicago Manual of Style (CMS):
Improvement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/improvement/ (accessed: February 24, 2020).
American Psychological Association (APA):
Improvement. PayrollHeaven.com. Retrieved February 24, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/improvement/

Definition Sources


Definitions for Improvement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd December 2018.