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Valuation allowance: An impairment allowance for the portion of the asset deemed more likely than not to be realized (p. 926).

Variable costing system: A system to assign manufacturing costs to inventory where all costs must be classified as variable or fixed. (p. 373)

Variable costs: Those costs that fluctuate in direct proportion to changes in output. (p. 373)

Verifiability: The quality of information that demonstrates that independent measurers, using the same measurement methods, obtain similar results. (p. 30)

Vested benefit obligation: A measure of the pension obligation including only vested benefits and calculated using current salary levels (p. 970).

Vested rights: When an employer has an obligation to pay the employee even of his or her employment is terminated (p. 672).

Vesting: When the entitlement to future benefits is no longer contingent on the employee remaining in the entity�s service (p. 970).