Glossary

This form allows you to search or browse Umoja acronyms and terminology.

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QAS

Quality Assurance Environment

QRC

Quality Review Committee

Qualifying asset

Qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale.

Qualifying insurance policy

An insurance policy issued by an insurer that is not a related party (as defined in IPSAS 20) of the reporting entity, if the proceeds of the policy: (a) Can be used only to pay or fund employee benefits under a defined benefit plan; and (b) Are not available to the reporting entity's own creditors (even in bankruptcy) and cannot be paid to the reporting entity, unless either: (i) The proceeds represent surplus assets that are not needed for the policy to meet all the related employee benefit obligations; or (ii) The proceeds are returned to the reporting entity to reimburse it for employee benefits already paid.

Quality Assurance

Maintenance of a desired level of quality in a service or a product.

Quotation

A detailed offer of prices, delivery dates and payment terms issued by the seller, which is not a legally binding document.