👉 In the context of accounting and finance, deferrals are a process in which an entity either anticipates or is expected to defer its obligations until a future date. This can be done by setting up a deferred payment plan (DPP) or a deferred revenue method. A deferred payment plan involves paying off current expenses before they become due. For example, if you owe $500 now and need to pay it off in 6 months, you might choose a DPP where the payment is
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What is the definition of Deference? 🙋
👉 Deferral, in a legal context, refers to the act of giving permission or accepting an obligation from another party. It is often associated with respect and consideration given by one party towards another. In simple terms, it means that an action or decision is delayed until such time as the other party has agreed to it.
What is the definition of Deferral? 🙋
👉 The term "deferral" refers to a situation in which an individual or organization is delayed in doing something due to unforeseen circumstances, such as illness, injury, or other unexpected events. It can also refer to the act of waiting for a certain period before taking action or performing a task. In some contexts, deferrals may be used to indicate that a decision has been made and that a specific action is being taken, rather than simply waiting until a particular time.
