Abbreviations
The following abbreviations are used in this book:
Professional and regulatory bodies:
| AASB | Australian Accounting Standards Board |
| AcSB | Accounting Standards Board of Canada |
| AICPA | American Institute of Certified Public Accountants |
| AOSSG | Asian-Oceanian Standard-Setters Group |
| APB | Accounting Principles Board (of the AICPA, predecessor of the FASB) |
| ARC | Accounting Regulatory Committee of representatives of EU Member States |
| ASAF | Accounting Standards Advisory Forum |
| ASB | Accounting Standards Board in the UK |
| ASBJ | Accounting Standards Board of Japan |
| ASU | Accounting Standards Update |
| CASC | China Accounting Standards Committee |
| CESR | Committee of European Securities Regulators, an independent committee whose members comprised senior representatives from EU securities regulators (replaced by ESMA) |
| CICA | Canadian Institute of Chartered Accountants |
| EC | European Commission |
| ECB | European Central Bank |
| ECOFIN | The Economic and Financial Affairs Council |
| EDTF | Enhanced Disclosure Task Force of the (FSB) |
| EFRAG | European Financial Reporting Advisory Group |
| EITF | Emerging Issues Task Force in the US |
| EPRA | European Public Real Estate Association |
| ESMA | European Securities and Markets Authority (see CESR) |
| EU | European Union |
| FAF | Financial Accounting Foundation |
| FASB | Financial Accounting Standards Board in the US |
| FCAG | Financial Crisis Advisory Group |
| FEE | Federation of European Accountants |
| FSB | Financial Stability Board (successor to the FSF) |
| FSF | Financial Stability Forum |
| G4+1 | The (now disbanded) group of four plus 1, actually with six members, that comprised an informal ‘think tank’ of staff from the standard setters from Australia, Canada, New Zealand, UK, and USA, plus the IASC |
| G7 | The Group of Seven Finance Ministers (successor to G8) |
| G8 | The Group of Eight Finance Ministers |
| G20 | The Group of Twenty Finance Ministers and Central Bank Governors |
| GPPC | Global Public Policy Committee of the six largest accounting networks |
| HKICPA | Hong Kong Institute of Certified Public Accountants |
| ICAI | Institute of Chartered Accountants of India |
| IASB | International Accounting Standards Board |
| IASC | International Accounting Standards Committee. The former Board of the IASC was the predecessor of the IASB |
| IASCF | International Accounting Standards Committee Foundation (predecessor of the IFRS Foundation) |
| ICAEW | Institute of Chartered Accountants in England and Wales |
| ICAS | Institute of Chartered Accountants of Scotland |
| IFAC | International Federation of Accountants |
| IFASS | International Forum of Accounting Standard Setters |
| IFRIC | The IFRS Interpretations Committee (formerly the International Financial Reporting Interpretations Committee) of the IASB |
| IGC | Implementation Guidance Committee on IAS 39 (now disbanded) |
| IOSCO | International Organisation of Securities Commissions |
| IPSASB | International Public Sector Accounting Standards Board |
| IPTF | International Practices Task Force (a task force of the SEC Regulations Committee) |
| ISDA | International Swaps and Derivatives Association |
| IVSC | International Valuation Standards Council |
| KASB | Korea Accounting Standards Board |
| RICS | Royal Institution of Chartered Surveyors |
| SAC | Standards Advisory Council, predecessor of the IFRS Advisory Council which provides advice to the IASB on a wide range of issues |
| SEC | Securities and Exchange Commission (the US securities regulator) |
| SIC | Standing Interpretations Committee of the IASC (replaced by IFRIC) |
| TEG | Technical Expert Group, an advisor to the European Commission |
| TRG | Joint Transition Resource Group for Revenue Recognition |
Accounting related terms:
| ADS | American Depositary Shares |
| AFS | Available-for-sale investment |
| ARB | Accounting Research Bulletins (issued by the AICPA) |
| ARS | Accounting Research Studies (issued by the APB) |
| ASC | Accounting Standards Codification®. The single source of authoritative US GAAP recognised by the FASB, to be applied to non-governmental entities for interim and accounting periods ending after 15 September 2009 |
| ASU | Accounting Standards Update |
| BCUCC | Business Combinations Under Common Control |
| CCIRS | Cross Currency Interest Rate Swap |
| CDO | Collateralised Debt Obligation |
| CF | Conceptual Framework |
| CGU | Cash-generating Unit |
| CU | Currency Unit |
| DD&A | Depreciation, Depletion and Amortisation |
| DPF | Discretionary Participation Feature |
| E&E | Exploration and Evaluation |
| EBIT | Earnings Before Interest and Taxes |
| EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortisation |
| EIR | Effective Interest Rate |
| EPS | Earnings per Share |
| FAS | Financial Accounting Standards (issued by the FASB). Superseded by Accounting Standards Codification® (ASC) |
| FC | Foreign currency |
| FICE | Financial Instruments with the Characteristics of Equity |
| FIFO | First-In, First-Out basis of valuation |
| FRS | Financial Reporting Standard (issued by the ASB) |
| FTA | First-time Adoption |
| FVLCD | Fair value less costs of disposal |
| FVLCS | Fair value less costs to sell (following the issue of IFRS 13, generally replaced by FVLCD) |
| FVPL | Fair value through profit and loss |
| FVOCI | Fair value through other comprehensive income |
| GAAP | Generally accepted accounting practice (as it applies under IFRS), or generally accepted accounting principles (as it applies to the US) |
| HTM | Held-to-maturity investment |
| IAS | International Accounting Standard (issued by the former board of the IASC) |
| IBNR | Incurred but not reported claims |
| IFRS | International Financial Reporting Standard (issued by the IASB) |
| IGC Q&A | Implementation guidance to the original version of IAS 39 (issued by the IGC) |
| IPO | Initial Public Offering |
| IPR&D | In-process Research and Development |
| IPSAS | International Public Sector Accounting Standard |
| IRR | Internal Rate of Return |
| IRS | Interest Rate Swap |
| JA | Joint Arrangement |
| JCA | Jointly Controlled Asset |
| JCE | Jointly Controlled Entity |
| JCO | Jointly Controlled Operation |
| JO | Joint Operation |
| JV | Joint Venture |
| LAT | Liability Adequacy Test |
| LC | Local Currency |
| LIBOR | London Inter Bank Offered Rate |
| LIFO | Last-In, First-Out basis of valuation |
| 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 |
| SCA | Service Concession Arrangement |
| SE | Structured Entity |
| SFAC | Statement of Financial Accounting Concepts (issued by the FASB as part of its conceptual framework project) |
| SFAS | Statement of Financial Accounting Standards (issued by the FASB). Superseded by Accounting Standards Codification® (ASC) |
| SME | Small or medium-sized entity |
| SPE | Special Purpose Entity |
| SV | Separate Vehicle |
| TSR | Total Shareholder Return |
| VIU | Value In Use |
| WACC | Weighted Average Cost of Capital |
References to IFRSs, IASs, Interpretations and supporting documentation:
| AG | Application Guidance |
| AV | Alternative View |
| BCZ | Basis for Conclusions on IASs |
| BC | Basis for Conclusions on IFRSs and IASs |
| DI | Draft Interpretation |
| DO | Dissenting Opinion |
| DP | Discussion Paper |
| ED | Exposure Draft |
| IE | Illustrative Examples on IFRSs and IASs |
| IG | Implementation Guidance |
| IN | Introduction to IFRSs and IASs |
| PIR | Post-implementation Review |
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