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Differences in terminology

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Reference no: EM13841049

Differences in Terminology

 

TERMS &DEFINITIONS

Terms

U. S. GAAP

IFRS

 Accrual

 

the cash involved is received.

Bank borrowings

 

 

Called-up share capital

 

 

Capital allowances

 

 

Creditors

 

 

Earnings

 

 

Finance Lease

 

 

Fised asset investment

 

 

Freehold

 

 

Loans

 

 

P&L Statement

 

 

Reserves

Retained Earnings are a corporation's undistributed earnings.

Reservesare equivalent to retained earnings in the U.S and represent amounts retained in the business and not distributed to owners.

Share premium account

 

 

Stocks

 

 

Turnover

 

 

Reference no: EM13841049

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