GAAP terminology
Throughout this user guide, standard IFRS terminology is used rather than GAAP terminology. If Yes - Format 1 - GAAP terminology is selected for the 'Statement of financial position' in Sections setup, then different terminology is used as follows:
| GAAP | Rather than (IFRS) |
|
Pension |
Superannuation |
|
Cash at bank and in hand |
Cash and cash equivalents |
|
Debtors |
Trade and other receivables |
|
Stock |
Inventory |
|
Stocks |
Inventories |
|
Fixed assets |
Non-current assets |
|
Tangible assets |
Property, plant and equipment |
|
Intangible assets |
Intangibles |
|
Creditors |
Trade and other payables |
|
Defined benefit pension liability (or asset) |
Retirement benefit obligations |
|
Called up share capital |
Issued capital |
Not-for-profit entities terminology
Throughout this user guide, standard terminology is used which is not relevant for not-for-profit entities. If any of the following 'Basis of preparation' are selected:
- Company Limited By Guarantee - Annual General Purpose
- Company Limited By Guarantee - Annual RDR General Purpose
- Company Limited By Guarantee - Annual Special Purpose
- Company Limited By Guarantee - Annual Simplified Disclosures
- Incorporated Association - Annual General Purpose
- Incorporated Association - Annual RDR General Purpose
- Incorporated Association - Annual Special Purpose
- Incorporated Association - Annual Simplified Disclosures
- Government Agency
- Government Department
Then different terminology is used as follows:
|
Not-for-profit |
Rather than |
|
Surplus |
Profit |
|
Deficit |
Loss |
|
Surplus/(deficit) |
Profit/(loss) |
|
Retained surpluses |
Retained profits |
|
Accumulated deficits |
Accumulated losses |
|
Retained surpluses/(accumulated deficits) |
Retained profits/(accumulated losses) |
|
Members |
Owners |
| Incorporated association | Rather than |
|
Incorporated association |
Company |
|
Officer |
Director |
Managed investment scheme terminology
Throughout this user guide, standard terminology is used which is not relevant for managed investment schemes. If any of the following 'Basis of preparation' are selected:
- Managed Investment Scheme - Annual General Purpose
- Managed Investment Scheme - Annual RDR General Purpose
- Managed Investment Scheme - Annual Special Purpose
- Managed Investment Scheme - Annual Simplified Disclosures
Then different terminology is used as follows:
| Managed investment scheme | Rather than |
|
Fund |
Company |
|
Unit |
Share |
|
Unitholder |
Shareholder |
|
Distribution |
Dividend |
|
Income |
Revenue |
Limited liability partnership (LLP) terminology
Throughout this user guide, standard terminology is used which is not relevant for LLP entities. If any of the following 'Basis of preparation' are selected:
- Limited Liability Partnership - Annual IFRS
- Limited Liability Partnership - Annual FRS 101
- Limited Liability Partnership - Annual FRS 102
- Limited Liability Partnership - Annual FRS 102 / 1A
- Limited Liability Partnership - Annual FRS 105
Then different terminology is used as follows:
| LLP | Rather than |
|
Partnership |
Company |
|
Member |
Director |
|
Unit |
Share |
|
Member |
Shareholder |
|
Distribution |
Dividend |
|
Members' capital classified as equity |
Issued capital |
|
Other reserves |
Retained profits |
|
Other reserves |
Accumulated losses |
|
Other reserves |
Retained profits/(accumulated losses) |