A Finance Lease is a capital lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred, even though UNDP does not hold legal title during the duration of the lease
Fixed Asset Management is the process of safeguarding, maintaining, managing and accounting for PP&E, Finance Leases and Intangibles used and controlled by UNDP. Property Plant and Equipment / Fixed Asset and Asset are used interchangeably to represent the same group of assets. Fixed Asset Management is the process of safeguarding, maintaining, managing and accounting for PP&E, Finance Leases and Intangibles used and controlled by UNDP.
A Lease is “an agreement whereby the lessor (landlord) conveys to the lessee (UNDP) in return for a payment or series of payments the right to use an asset for an agreed period of time”.
The difference between current assets and current liabilities. In the specific context of UNDP, this shall normally be taken to mean the sum of working capital and reserves.