Glossary of Terms beginning with L

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

Local Area Network


Logistics Execution - SAP module covering logistics functions (outbound and inbound deliveries).


Lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.

Lease term

Lease term is the non-cancellable period for which the lessee has contracted to lease the asset together with any further terms for which the lessee has the option to continue to lease the asset, with or without further payment, when at the inception of the lease it is reasonably certain that the lessee will exercise the option.

Legal obligation

Legal obligation is an obligation that derives from: (a) a contract (through its explicit or implicit terms); or (b) legislation; or (c) other operation of law.

Lessee's incremental borrowing rate of interest

The rate of interest the lessee would have to pay on a similar lease or, if that is not determinable, the rate that, at the inception of the lease, the lessee would incur to borrow over a similar term, and with a similar security, the funds necessary to purchase the asset.


Liabilities are present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits or service potential.

Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.


Learning Management System

Loans and receivables

Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market other than: (a) Those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity upon initial recognition designates as at fair value through surplus or deficit; (b) Those that the entity upon initial recognition designates as available for sale; or (c) Those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale.

Loans payable

Loans payable is the financial liabilities, other than short-term trade payables on normal credit terms.

Logistics Invoice Verification

An automated process within Umoja whereby an invoice is automatically matched for verification to its preceding documents (purchase order and goods receipt) prior to payment.


A Local Process Expert is a staff member trained and certified to support the deployment of UMOJA and train and support end users at the deployment hub (a department, field mission etc.)


Learning Solution