Meaning of “deficiency” in the English Dictionary

"deficiency" in British English

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deficiencynoun [ C or U ]

uk /dɪˈfɪʃ.ən.si/ us /dɪˈfɪʃ.ən.si/

C1 a state of not having, or not having enough, of something that is needed:

Pregnant women often suffer from iron deficiency.
Deficiencies in the education system have been much in the news.

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(Definition of “deficiency” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"deficiency" in American English

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deficiencynoun [ C/U ]

us /dɪˈfɪʃ·ən·si/

the lack of something that is needed in order to meet a particular standard or level of quality, or the thing that is lacking:

[ U ] Many women suffer from iron deficiency.

(Definition of “deficiency” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"deficiency" in Business English

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deficiencynoun [ C ]

uk /dɪˈfɪʃənsi/ us plural deficiencies

[ C ] a situation in which something is not as good as it should be:

a deficiency in sth The audit revealed deficiences in the accounting system.
identify/highlight a deficiency We need to identify any deficiencies in the system and address them immediately.
address/correct/remedy a deficiency

ACCOUNTING the amount by which something such as income or profit is less than it should be:

a deficiency in sth They are not permitted to borrow additional funds as long as any deficiency exists in the capital reserve fund.
The accounts show a balance sheet deficiency - the amount by which liabilities exceed assets - of £13.19m at December 31.
The company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern.

US TAX, ACCOUNTING the amount by which the tax recorded in someone's financial records is less than the tax they actually owe, or a situation in which this happens:

The IRS notified him that he was subject to a $10000 tax deficiency for the 2009 tax year.

(Definition of “deficiency” from the Cambridge Business English Dictionary © Cambridge University Press)