Glossary of Terms beginning with I

Click one of the letters above to go to the page of all terms beginning with that letter.

Integrated Conference Management System


Information and Communications Technology


India Delivery Center


Instructor-Led Training


Inventory Management - SAP module covering goods movements (goods receipt, goods issue, etc.)


Impairment is a loss in the future economic benefits or service potential of an asset, over and above the systematic recognition of the loss of the asset's future economic benefits or service potential through depreciation.

Impairment loss of a non cash generating asset

Impairment loss of a noncash generating asset is the amount by which the carrying amount of an asset exceeds its recoverable service amount.


Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. For a particular prior period, it is impracticable to apply a change in an accounting policy retrospectively or to make a retrospective restatement to correct an error if: (a) The effects of the retrospective application or retrospective restatement are not determinable; (b) The retrospective application or retrospective restatement requires assumptions about what management's intent would have been in that period; or (c) The retrospective application or retrospective restatement requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that: (i) Provides evidence of circumstances that existed on the date(s) as at which those amounts are to be recognized, measured, or disclosed; and
(ii) Would have been available when the financial statements for that prior period were authorized for issue from other information.

Inbound Delivery

An SAP transaction which represents a vendor's Advance Shipment Notification details (shipping documentation, expected delivery date, etc.) that facilitates the management of inbound movement of goods into an office/plant.

Inception of the lease

Inception of the lease is the earlier of the date on which a lessor and lessee enter into a lease agreement and the date on which the parties commit to the principal provisions of the lease. As at this date (a) a lease is classified as either an operating or a finance lease; and (b) in the case of a finance lease, the amounts to be recognized at the commencement of the lease term are determined.

Insurance contract

Insurance contract is a contract that exposes the insurer to identified risks of loss from events or circumstances occurring or discovered within a specified period, including death (in the case of an annuity, the survival of the annuitant), sickness, disability, property damage, injury to others and interruption of operations.

Intangible assets

Intangible assets are identifiable non-monetary assets without physical substance.

Interest cost

Interest cost is the increase during a financial period in the present value of a defined benefit obligation which arises because the benefits are one period closer to settlement.

Interest rate implicit in the lease

Interest rate implicit in the lease is the discount rate that, at the inception of the lease, causes the aggregate present value of:
(a) the minimum lease payments; and
(b) the unguaranteed residual value to be equal to the fair value of the leased asset.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Internal Orders

An internal order is used to monitor parts of the costs, and, on certain occasions, the revenues of the organization. You can create an internal order to monitor the costs of a time-restricted job or the costs (and revenues, if required) for the production of an activity. Internal orders can also be used for the long-term monitoring of costs.


Inventories are assets: (a) in the form of materials or supplies to be consumed in the production process; (b) in the form of materials or supplies to be consumed or distributed in the rendering of services; (c) held for sale or distribution in the ordinary course of operations; or (d) in the process of production for sale or distribution. Care should be taken to avoid confusion when using the word “inventory”. PP&E are not inventory as defined above, although they may be inventoried by being counted and physically verified.

Investing activities

Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.

Investment property

Investment property is property (land or a building – or part of a building – or both) held to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of operations.


In a joint venture is a party to a joint venture and does not have joint control over that joint venture.


International Public Sector Accounting Standards


Security Clearance


Information Technology Infrastructure Library