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The removal from the balance sheet of assets and liabilities that had previously been recognized in the financial statements of a company. Derecognition is a key aspect of off-balance-sheet finance. Financial Reporting Standard 5 sets out the following outcomes in relation to assets: complete derecognition; no derecognition; partial derecognition. For UK listed companies International Accounting Standard 39 and International Financial Reporting Standard 7 now apply.

Subjects: Accounting.

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