References and abbreviations
The following references and abbreviations are used in this book:
References in index of standards:
| Foreword.19 | Paragraph 19 of the Foreword to Accounting Standards issued by the FRC (March 2018) |
| FRS 100 Summary (i) | Paragraph i of the Summary of FRS 100 |
| FRS 100.4 | Paragraph 4 of FRS 100 |
| FRS 100 Appendix I | Appendix I:Glossary to FRS 100 |
| FRS 100.AG7 | Paragraph 7 of the Application Guidance to FRS 100 |
| FRS 101.10 | Paragraph 10 of FRS 101 |
| FRS 101 Appendix I Table 1 | Table 1 of Appendix I to FRS 101 |
| FRS 101 Appendix III.2 | Paragraph 2 of Appendix III to FRS 101 |
| FRS 101.BC15 | Paragraph 15 of the Basis for Conclusions to FRS 101 |
| FRS 102.1A.7 | Paragraph 7 of Section 1A of FRS 102 |
| FRS 102.23.9 | Paragraph 9 of Section 23 of FRS 102 |
| FRS 102.PBE34.89 | Paragraph PBE34.89 of Section 34 of FRS 102 |
| FRS 102 Appendix I | Appendix I of FRS 102: Glossary |
| FRS 102 Appendix II | Appendix II of FRS 102: Table of equivalence for company law terminology |
| FRS 102 Appendix III.5 | Paragraph 5 of Appendix III of FRS 102: Note on legal requirements |
| FRS 102 Appendix IV.1 | Paragraph 1 of Appendix IV to FRS 102: Republic of Ireland legal references |
| FRS 102.BC.B2.7 | Paragraph B2.7 of the Basis for Conclusions to FRS 102 |
| FRS 103.1 | Paragraph 1 of FRS 103 |
| FRS 103.IG2.15 | Paragraph 15 of Section 2 of the Implementation Guidance to accompany FRS 103 |
| FRS 103 Appendix II.5 | Paragraph 5 of Appendix II to FRS 103: Definition of an insurance contract |
| FRS 103.BC18 | Paragraph 18 of the Basis for Conclusions to FRS 103 |
| FRS 104.1 | Paragraph 1 of FRS 104 |
| FRS 105.1 | Paragraph 1 of FRS 105 |
| FRS 11.9 | Paragraph 9 of FRS 11 |
| SSAP 19.11 | Paragraph 11 of SSAP 19 |
| FRSSE 6.51 | Paragraph 6.51 of the Financial Reporting Standard for Smaller Entities |
| IFRS 1 Appendix A | Appendix A of IFRS 1 |
| IFRS 3.29 | Paragraph 29 of IFRS 3 |
| IFRS 4.IG70 | Paragraph 70 of the Implementation Guidance to IFRS 4 |
| IFRS 10 Appendix B.98 | Paragraph 98 of Appendix B to IFRS 10 |
| IAS 1.12 | Paragraph 12 of IAS 1 |
| IAS 27.15 (2012) | Paragraph 15 of the version of IAS 27 effective in 2012 |
| IFRIC 18.BC22 | Paragraph 22 of the Basis for Conclusions to IFRIC 18 |
| s395(2) | Section 395 subsection (2) of the Companies Act 2006 |
| s408 (LLP) | Section 408 of The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (SI 2008/1911) |
| Regulations 6(2) | Paragraph 6(2) of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/1910) |
| 1 Sch 55 | Paragraph 55 of Schedule 1 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/1910) |
| Regulations (SC) 8 | Paragraph 8 of the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409) |
| 1 Sch 1C (SC) | Paragraph 1C of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409) |
| LLP Regulations 3 | Paragraph 3 of The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913) |
| 1 Sch 1 (LLP) | Paragraph 1 of Schedule 1 to The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913) |
| LLP SC Regulations 6 | Paragraph 6 of The Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912) |
| 1 Sch 10(2) (LLP SC) | Paragraph 10(2) of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912) |
| TECH 02/17BL | Technical Release 02/17BL: Guidance on Realised and Distributable Profits under the Companies Act 2006 issued by the ICAEW and ICAS (April 2017) |
| DTR 7.2 | Paragraph 7.2 of the Disclosure and Transparency Rules |
| LR 11 | Paragraph 11 to the LSE Listing Rules |
| LLP SORP Appendix 4 | Appendix 4 to the Statement on Recommended Practice – Accounting by Limited Liability Partnerships - issued by the CCAB ( January 2017) |
Professional and regulatory bodies:
| BEIS | Department for Business, Energy & Industrial Strategy |
| CCAB | Consultative Committee of Accountancy Bodies |
| CRC | Corporate Reporting Council (formally Accounting Council (AC)) |
| FRC | Financial Reporting Council |
| IASB | International Accounting Standards Board |
| ICAEW | Institute of Chartered Accountants in England and Wales |
| ICAS | Institute of Chartered Accountants of Scotland |
| IFRIC | International Financial Reporting Interpretations Committee |
| PRA | Prudential Regulation Authority |
| TAG | UK GAAP Technical Advisory Group |
Accounting related terms:
| AIM | Alternative Investment Market |
| CA 2006 | Companies Act 2006 |
| CGU | Cash-generating unit |
| Code | The UK Corporate Governance Code (April 2016) issued by the FRC |
| E&E | Exploration and evaluation |
| EBIT | Earnings before interest and taxes |
| EBITDA | Earnings before interest, tax, depreciation and amortisation |
| EBT | Employee benefit trust |
| EIR | Effective interest rate |
| EPS | Earnings per share |
| FC | Foreign currency |
| FIFO | First-in, first-out basis of valuation |
| FRED | Financial Reporting Exposure Draft (issued by the FRC) |
| FRS | Financial Reporting Standard (issued by the FRC) |
| FRSSE | Financial Reporting Standard for Smaller Entities |
| FTA | First-time adoption |
| FVLCD | Fair value less costs of disposal |
| FVLCS | Fair value less costs to sell |
| GAAP | Generally Accepted Accounting Practice |
| IAS | International Accounting Standard (issued by the former board of the IASC) |
| IBOR | Interbank offer rate |
| IFRS | International Financial Reporting Standard (issued by the IASB) |
| IIR | Implicit interest rate (in a lease) |
| IRR | Internal rate of return |
| JA | Joint arrangement |
| JANE | Joint arrangement that is not an entity |
| JCA | Jointly controlled asset |
| JCE | Jointly controlled entity |
| JV | Joint venture |
| LIBOR | London Inter Bank Offered Rate |
| LIFO | Last-in, first-out basis of valuation |
| LLP | Limited liability partnership |
| LLP Regulations | The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913) |
| NCI | Non-controlling interest |
| NBV | Net book value |
| NPV | Net present value |
| NRV | Net realisable value |
| OCI | Other comprehensive income |
| PP&E | Property, plant and equipment |
| R&D | Research and development |
| Regulations | The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) |
| SCA | Service concession arrangement |
| SE | Structured entity |
| SI 2015/980 | The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980) |
| SI 2016/575 | The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (SI 2016/575) |
| Small Companies Regulations | The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409) |
| Small LLP Regulations | The Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912) |
| SME | Small or medium-sized entity |
| SORP | Statement of Recommended Practice |
| SPE | Special purpose entity |
| SSAP | Statement of Standard Accounting Practice |
| SV | Separate vehicle |
| TSR | Total shareholder return |
| Triennial review 2017 | Amendments to FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland - Triennial review 2017 and Incremental improvements and clarifications – issued in December 2017 |
| 2016 FRC Guidance | Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks – Guidance for directors of companies that do not apply the UK Corporate Governance Code (April 2016) - issued by the FRC |
| UITF | Urgent Issues Task Force |
| UK | United Kingdom |
| VIU | Value in use |
| WACC | Weighted average cost of capital |
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