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Restricted surplus – a US expression for amounts of past profit that are
unavailable for distribution to shareholders. The UK equivalent would be ‘un-
distributable reserves’.
Retained profit/earnings – amounts of profit, earned in the preceding
year and former years, that have not yet been paid out as dividends. ‘Retained
earnings’ is a typical US expression for such amounts, though it would also be
understood in the United Kingdom. ‘Retained profit’ is a more usual UK ex-
pression.
Sale-and-leaseback – a method of raising funds by a company without
immediately depleting resources or incurring liabilities. If a company owns
and uses fixed assets, it may find it advantageous, for tax or other reasons, to
sell them to a financial institution (the lessor) who then leases them back to the
company. The assets do not physically move as part of this process; so the
company’s business is not interrupted. The company receives a lump sum,
which it may need for various purposes, and agrees to make future lease payments. Legally, it no longer owns the assets, nor does it have a legal liability.
However, since the real substance of the situation is not well represented by
the legal form, it has now become accounting practice for certain leases in sev-
eral countries to be recorded as both an asset and a liability in the lessee’s bal-
ance sheet.
Sales – the figure for sales recorded in the financial statements for a period, including all those sales agreed or delivered in the period, rather than those
that are paid for in cash.
Secret reserves – various means by which a company, particularly a financial institution, can make its true financial strength unclear in its financial
statements. The purpose of this is to build up resources in case of future difficulty. If that future difficulty eventually emerges, it may be possible to hide it
completely by merely absorbing it using the secret reserves. This may avoid a
dangerous loss of confidence in the bank or other company concerned. Secret
reserves may be created by deliberately allowing fixed assets or inventories to
be undervalued, or by creating unnecessary provisions. The problem with such
accounting practices is that they do indeed obscure the true financial position
of a company from its shareholders and lenders. Thus, deliberate creation of
secret reserves has gradually been outlawed in most countries.
Securities and Exchange Commission (SEC) – the US government
agency set up in 1934 after the Wall Street Crash of 1929. Its function is to
control the issue and exchange of publicly traded shares. Companies with such
shares must register with the SEC, and then obey a mass of detailed regulations about disclosure and audit of financial information. An SEC-registered
company in the United States is the nearest equivalent to a public limited company in Europe.
Segment reporting – the disclosure of sales, profit or assets by line of
business or by geographical area.
Shareholders’ equity – the total of the shareholders’ interest in a com-
pany. This will include the original share capital, amounts contributed in excess of the par value of shares (i.e. share premium or paid-in surplus), and retained profits.
Share premium – amounts paid into a company (by shareholders when
they purchased shares from the company) in excess of the nominal value of the
shares. Shares are recorded at nominal values. However, share premium may
be treated for most purposes exactly as if it were share capital. Both are in-
cluded in shareholders’ equity. In the United States there are many equivalent
expressions, e.g. ‘paid-in surplus’.
Significant influence – the power to influence the financial and operating policies of an entity. Under IASB rules, this is presumed to exist once an
investor has a 20 per cent or more holding in the voting shares of the entity.
SORIE – see statement of recognized income and expense.
Statement of financial position – a term sometimes used in the US, and
proposed by the IASB, for balance sheet.
Statement of recognized income and expense SORIE – an IFRS statement that starts with the net income and adds any other gains and losses, e.g.
revaluations of assets not recorded in the income statement.
Statement of total recognized gains and losses STRGL – a UK statement equivalent to the SORIE.
Stock – US term for securities of various kinds; for example, common
stock or preferred stock (equivalent to ordinary and preference shares in UK
terminology). However, the word ‘share’ is also understood in the United
States, so that ‘stockholder’ and ‘shareholder’ are interchangeable. In the United Kingdom this meaning survives, particularly in the expressions ‘Stock Exchange’ and ‘Loan Stock’. A source of great confusion in Anglo-American
conversation is the British use of the word ‘stocks’ for what are called invento-
ries in the United States and under IFRS.
Straight-line depreciation – a system of calculating the annual depreciation expense of a fixed asset. This method charges equal annual instalments
against profit over the useful life of the asset. In total, the cost of the asset less
any estimated residual scrap value is depreciated. This method is simple to use
and thus very popular.
STRGL – see statement of total recognized gains and losses.
Substance over form – the presentation in financial statements of the
underlying economic substance of a particular transaction, rather than the superficial legal or technical form of it. However, of course, the economic substance depends on the exact legal form of the lease contract.
Tangible assets – assets with physical existence, such as property, plant
or equipment.
Temporary difference – the difference between the financial reporting
value of an asset or liability and its basis for tax purposes.
Timing difference – a difference between the expenses and revenues
recorded in the calculation of profit and the amounts treated as deductions or
increases in the calculation of taxable income. For example, accelerated depreciation for tax purposes will allow plant and machinery to be charged for tax
purposes over a shorter period than that used by accountants as the useful life
for depreciation in financial statements.
Treasury stock – US expression for a company’s shares that have been
bought back by the company and not cancelled. The shares are held ‘in the
corporate treasury’. They receive no dividends and carry no votes at company
meetings. The UK equivalent term is ‘own shares’. The term ‘treasury stock’ is
confusing to a UK reader because it might appear to refer to government bonds
issued by the Treasury. The IASB term is ‘treasury shares’.
Trial balance – part of the process of producing financial statements
from the records in a double-entry bookkeeping system. The trial balance marshals all the debit and credit balances on the various accounts on to one page.
If this does not balance immediately, then errors must be investigated. Once
balance is achieved then some of the individual items are used to prepare the
income statement, and the remaining items are shown on the balance sheet.
True and fair view – the overriding legal requirement for the presentation of financial statements of companies in the United Kingdom, most of the
(British) Commonwealth and the European Union. The nearest IASB or US
equivalent is ‘fair presentation’.
Turnover – the UK expression used in profit and loss accounts for the
sales revenue of an accounting period. This is shown net of value added tax.
Undistributable reserves – amounts, paid in by shareholders or notionally allocated out of profits, that are not available for distribution to the shareholders as dividends. The US term is restricted surplus. Undistributable reserves would include share premium and reserves on the revaluation of assets.
Uniformity – the use of the same rules of accounting or financial statement
presentation from one company to another. Improvements in uniformity are encouraged by the setting of accounting standards. One reason for this is to improve comparability between the financial statements of different companies.
Uniting of interests – the former IASB term for pooling of interests.
Unusual items – US term for amounts that are not outside the ordinary
course of the business but that are unusual in size or incidence. The approximate UK equivalent is exceptional items.
Working capital – the difference between current assets and current liabilities. This total is also known as net current assets, under which entry there
are more details.
UK and US accounting terms: language differences
Term used in UK annual report
US equivalent or definition
Accounts
Associates
Capital allowances
Creditors
Creditors: amounts falling due within
one year
Creditors: amounts falling due after
more than one year
Debtors: amounts falling due after
more than one year
Employee share schemes
Employment costs
Finance lease
Financial year
Fixed asset investments
Freehold
Interests in associates and joint ventures
Loans to associates and joint ventures
Net asset value
Operating profit
Other debtors
Own work capitalized
Profit
Profit and loss account (statement)
Profit and loss account (under ‘capital and
reserves’ in balance sheet)
Profit for the financial year
Profit on sale of fixed assets
Provision for doubtful debts
Provisions
Recognized gains and losses (statement)
Redundancy charges
Reserves
Share premium account
Shareholders’ funds
Statement of recognized income and expense
Stocks
Tangible fixed assets
Trade debtors
Turnover
Financial statements
Equity investees
Tax depreciation
Accounts payable and accrued liabilities
Current liabilities
Long-term liabilities
Other non-current assets
Employee stock benefit plans
Payroll costs
Capital lease
Fiscal year
Non-current investments
Ownership with absolute rights in perpetuity
Securities of equity investees
Indebtedness of equity investees not current
Book value
Net operating income
Other current assets
Costs of labour engaged in the construction
of plant and equipment for internal use
Income
Income statement
Retained earnings
Net income
Gain on disposal of non-current assets
Allowance for bad and doubtful accounts receivable
Long-term liabilities other than debt and
specific accounts payable
Comprehensive income
Early release scheme expenses
Shareholders’ equity other than paid-up
capital
Additional paid-in capital or paid-in surplus
(not distributable)
Shareholders’ equity
Comprehensive income
Inventories
Property, plant and equipment
Accounts receivable (net)
Revenues
References
1. The Conceptual Framework for Financial Reporting // IASB. - IFRS
Foundation, 2010. – 30 p.
2. IAS 1 Presentation of financial statements // IASB. - IFRS Foundation,
2010. – 38 p.
3. IAS 2 Inventories // IASB. - IFRS Foundation, 2010. – 6 p.
4. IAS 7 Statement of cash flows // IASB. - IFRS Foundation, 2010. – 14 p.
5. IAS 8 Accounting policies, changes in accounting estimates and errors //
IASB. - IFRS Foundation, 2010. – 9 p.
6. IAS 10 Events after the reporting date // IASB. - IFRS Foundation,
2010. – 5 p.
7. IAS 11 Construction contracts // IASB. - IFRS Foundation, 2010. – 7 p.
8. IAS 12 Income taxes // IASB. - IFRS Foundation, 2010. – 23 p.
9. IAS 16 Property, plant and equipment // IASB. - IFRS Foundation,
2010. – 24 p.
10. IAS 17 Leases // IASB. - IFRS Foundation, 2010. – 11 p.
11. IAS 18 Revenue // IASB. - IFRS Foundation, 2010. – 6 p.
12. IAS 19 Employee benefits // IASB. - IFRS Foundation, 2010. – 37 p.
13. IAS 20 Accounting for government grants and disclosure of govern-
ment assistance // IASB. - IFRS Foundation, 2010. – 6 p.
14. IAS 21 The effects of changes in foreign exchange rates // IASB. -
IFRS Foundation, 2010. – 10 p.
15. IAS 23 Borrowing costs // IASB. - IFRS Foundation, 2010. – 4 p.
16. IAS 24 Related party disclosures // IASB. - IFRS Foundation, 2010. –
7 p.
17. IAS 26 Accounting and reporting by retirement benefit plans // IASB. -
IFRS Foundation, 2010. – 7 p.
18. IAS 27 Separate financial statements // IASB / - IFRS Foundation,
2010. – 8 p.
19. IAS 28 Investments in associates and joint ventures // IASB. - IFRS
Foundation, 2010. – 7 p.
20. IAS 29 Financial reporting in hyperinflationary economies // IASB. -
IFRS Foundation, 2010. – 5 p.
21. IAS 31 Interests in joint ventures // IASB. - IFRS Foundation, 2010. –
9 p.
22. IAS 32 Financial instruments: presentation // IASB. - IFRS Founda-
tion, 2010. – 23 p.
23. IAS 33 Earnings per share // IASB. - IFRS Foundation, 2010. – 15 p.
24. IAS 34 Interim financial reporting // IASB. - IFRS Foundation,
2010. – 9 p.
25. IAS 36 Impairment of assets // IASB. - IFRS Foundation, 2010. – 50 p.
26. IAS 37 Provisions, contingent liabilities and contingent assets //
IASB. - IFRS Foundation, 2010. – 12 p.
27. IAS 38 Intangible assets // IASB. - IFRS Foundation, 2010. – 34 p.
28. IAS 39 Financial instruments: recognition and measurement // IASB. -
IFRS Foundation, 2010. – 61 p.
29. IAS 40 Investment property // IASB. - IFRS Foundation, 2010. – 22 p.
30. IAS 41 Agriculture // IASB. - IFRS Foundation, 2010. – 8 p.
31. IFRS 1 First-time adoption of IFRS // IASB. - IFRS Foundation,
2010. – 20 p.
32. IFRS 2 Share-based payment // IASB. - IFRS Foundation, 2010. – 42 p.
33. IFRS 3 Business combinations // IASB. - IFRS Foundation, 2010. –
32 p.
34. IFRS 4 Insurance contracts // IASB. - IFRS Foundation, 2010. – 18 p.
35. IFRS 5 Non-current assets held for sale and discontinued operations //
IASB. - IFRS Foundation, 2010. – 11 p.
36. IFRS 6 Exploration for and evaluation of mineral resources // IASB. -
IFRS Foundation, 2010. – 5 p.
37. IFRS 7 Financial instruments: disclosures // IASB. - IFRS Founda-
tion, 2010. – 39 p.
38. IFRS 8 Operating segments // IASB. - IFRS Foundation, 2012. – 9 p.
39. IFRS 9 Financial instruments // IASB. - IFRS Foundation, 2012. – 18 p.
40. IFRS 10 Consolidated financial statement // IASB. - IFRS Founda-
tion, 2013. – 13 p.
41. IFRS 11 Joint arrangements // IASB. - IFRS Foundation, 2013. – 15 p.
42. IFRS 12 Disclosure of interests in other entities // IASB. - IFRS
Foundation, 2013. – 8 p.
43. IFRS 13 Fair value measurement // IASB. - IFRS Foundation, 2013. –
13 p.
44. IFRS 14 Regulatory deferral accounts // IASB. - IFRS Foundation,
2014. – 9 p.
45. IFRS 15 Revenue from contracts with customers // IASB. - IFRS
Foundation, 2014. – 10 p.
46. IFRS 15 Leases // IASB. - IFRS Foundation, 2016. – 40 p.
47. Alexander D., Nobes C. W. Financial accounting. An international
introduction. The 4-th edition. – Harlow: Pearson, 2010. – 477 p.
48. Clare R., Weetman P., Gordon P. International Corporate Reporting:
A comparative Approach, 4 Edition. - Prentice Hall PTR, 2008.
49. Finch C. A Students Guide to International Financial Reporting
Standards 3rd Edition Paperback. – Kaplan Publishing, 2013.
50. Melville A. I International Financial Reporting, 2nd Edition. – Pren-
tice Hall, 2009.
51. Melville A. International Financial Reporting: A Practical Guide. –
Prentice Hall PTR, 2008.
52. Needles B. E., Powers M. An International Financial Reporting
Standards: An Introduction, 2nd Edition. – South-Western College Pub, 2010.
53. Needles B. E., Powers M. International Financial Reporting Stand-
ards. – Cengage South-Western, 2009.
54. Nobes C. W. An analysis of the international development of the eq-
uity method. – Abacus, February 2002.
55. Weygandt Jerry J., Kimmel Paul D., Kieso Donald E. Financial Ac-
counting, 2nd Edition IFRS Edition: View Most Recent Edition of This Title,
2013.
56. Whittington G. The adoption of international accounting standards in
the European Union. – European Accounting Review, Vol. 14, No. 1, 2005.
57. Zeff S. Some obstacles to global financial reporting comparability
and convergence at a high level of quality. – British Accounting Review, Vol.
39, No. 4, 2007.
Учебное издание
Куницына Наталья Николаевна
СТАНДАРТЫ ФИНАНСОВОЙ ОТЧЕТНОСТИ
В КОРПОРАТИВНОМ БИЗНЕСЕ
УЧЕБНОЕ ПОСОБИЕ
НА АНГЛИЙСКОМ ЯЗЫКЕ
Kunitsyna Natalya
STANDARDS OF FINANCIAL REPORTING
IN CORPORATE BUSINESS
EDUCATION GUIDANCE
Издается в авторской редакции
Компьютерная верстка Н. П. Неговора
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