Ledger

I. Formal Definition

The book or system of record in which all accounting transactions are aggregated by account, providing the basis for the trial balance and financial statements. The general ledger holds all accounts; subsidiary ledgers hold detailed transaction records that roll up to control accounts in the general ledger. The federation requires the general ledger to be the single source of truth for financial reporting, with subsidiary ledgers reconciled monthly and any reconciling items aged and resolved within the close cycle under UFMS-001:5.1.

II. Etymology

From Middle English liger, a book that lies open; the accounting sense was settled in fifteenth century English merchant practice as the equivalent of Italian libro maestro.

III. Federation Usage

Federation members operate a general ledger as the single source of truth. Subsidiary ledgers reconcile monthly. Reconciling items are aged and resolved within close cycle under MEV-Annex:6.1. Steward tier accreditation reviews ledger architecture annually.

IV. Related Terms

• journal-entry
• trial-balance
• double-entry
• p-and-l

V. Authoritative Citations

• UFMS-001:5.1UFMS Article V - Ledger
• MEV-Annex:6.1MEV Annex VI - Ledger Compliance

VI. Citation in BibTeX

@misc{ifo4_glossary_ledger,
  title        = {{Ledger}},
  author       = {{IFO4 Federation Editorial Board}},
  howpublished = {{IFO4 Federation Glossary, slug \texttt{ledger}}},
  year         = {2026},
  url          = {https://ifo4.org/glossary/ledger},
  note         = {Category: Accounting; key: Ledger}
}

VII. Challenge This Definition

Federation members and accredited practitioners may challenge any entry under TGS-002:1.7. Filed challenges are routed to the editorial board, triaged into the revision register, and resolved in writing on the public docket. The slug remains stable through any revision.