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 Report sections, 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

 

 

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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

 

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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

 

 

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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)