SPLIT ACCOUNTING Definition

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SPLIT ACCOUNTING, under IAS 39, provides that if certain conditions are met the 'embedded derivative' in a 'hybrid (combined) financial instrument' (i.e, a financial instrument which includes a non-derivative 'host contract' as well as an embedded derivative) must be accounted for separately from the 'host contract'.

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REIMBURSEMENT is to pay back to someone, e.g. to pay an employee for travel expenses that was paid by the employee out of that employees own personal funds.

CHAPS is Clearing house automated payment system. A computerized payment system for clearing checks in the UK.

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