Glossary of Terms beginning with M

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Maintenance Plan

Means for describing the extent and dates of maintenance and inspection tasks to be carried out on technical objects.

Maintenance Schedule

Means for describing the dates at which maintenance and inspection activities are to be carried out.


Mark-to-market value is the actual market value of a portfolio. For financial planning decisions made with a view to risk management, an accurate valuation of all positions on the basis of current market data is an absolute necessity. This means that all financial assets must be valued with the amount which could be realized on the market, and all financial liabilities must be valued with the repurchase value asked on the market.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk.

Market value

Market value is the amount obtainable from the sale, or payable on the acquisition, of a financial instrument in an active market.

Material Master

Contains all the information for a material item that the UN procures, produces, stores and sells. A service type of material will be created for services that are provided by the UN.

Material omissions or misstatements

Material omissions or misstatements are omissions or misstatements of items which could, individually or collectively, influence the decisions or assessments of users made on the basis of the financial statements. Materiality depends on the nature and size of the omission or misstatement judged in the surrounding circumstances. The nature or size of the item, or a combination of both, could be the determining factor.


Information is material if its omission or misstatement could influence the decisions or assessments of users made on the basis of the financial statements. Materiality depends on the nature or size of the item or error judged in the particular circumstances of omission or misstatement.


Master Data Management

Minimum lease payments

The payments over the lease term that the lessee is, or can be, required to make, excluding contingent rent, costs for services and, where appropriate, taxes to be paid by and reimbursed to the lessor, together with:
(a) in the case of the lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) in the case of the lessor, any residual value guaranteed to the lessor by either: (i) the lessee; (ii) a party related to the lessee; or (iii) an independent third party financially capable of meeting this guarantee. However, if the lessee has an option to purchase the asset at a price which is expected to be sufficiently lower than fair value at. The date the option becomes exercisable, so that at the inception of the lease, the option is reasonably certain to be exercised, the minimum lease payments comprise the minimum payments payable over the lease term and the payment required to exercise this purchase option.

Minority interest

Minority interest is that portion of the surplus or deficit and net assets/equity of a controlled entity attributable to net assets/equity interests that are not owned, directly or indirectly through controlled entities, by the controlling entity.

MMT (Project)

Material Master Transformation - Material Master contains information on all the materials an organization procures, stores, uses and eventually disposes of. It is an organization's central source for retrieving material-specific data. This information is stored in individual material master records. Material Master Transformation Project relates to the UN initiative to design master data architecture in a way that supports the end-to-end supply chain process according to operational needs. To fulfill the Supply Chain Management Vision, the MMT Project will facilitate the planning, forecasting, inventory management and warehousing procurement processes in a way that they link through end-to-end processes. This will be done through the common master data structure and framework.

Modified cash basis

Modified cash basis is the accounting basis under which revenue and expenses are usually reported when cash is received or a payment is made, but with some exceptions. Notably, expenditures can be reported prior to the payment of cash on the basis that the cash will need to be paid out soon after the end of the financial year. Under this basis, investments in physical assets and intangibles are expensed immediately, and employee benefit liabilities are not required to be reported in the financial statements.

Monetary financial assets and financial liabilities (also called monetary financial instruments)

Monetary financial assets and financial liabilities are financial assets and financial liabilities to be received or paid in fixed or determinable amounts of money.

Monetary items

Monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency.


Manager Self Service

Multi-employer plans

Multi-employer plans are defined contribution plans (other than state plans and composite social security programs) or defined benefit plans (other than state plans) that: (a) pool the assets contributed by various entities that are not under common control; and (b) use those assets to provide benefits to employees of more than one entity, on the basis that contribution and benefit levels are determined without regard to the identity of the entity that employs the employees concerned.

Multi-year budget

Multi-year budget is an approved budget for more than one year. It does not include published forward estimates or projections for periods beyond the budget period.