Term used in UK report and accounts

US equivalent or definition

Accounts

Financial statements

Advance corporation tax (ACT)

No direct US equivalent. Tax payable on company distributions

recoverable from UK taxes due on income

Associated undertakings

Equity investees

Capital allowances

Tax depreciation

Capital redemption reserve

Other additional capital

Creditors

Accounts payable and accrued liabilities

Creditors: amounts falling due within one year

Current liabilities

Creditors: amounts falling due after more than one year

Long-term liabilities

Debtors: amounts falling due after more than one year

Other non-current assets

Employment costs

Payroll costs

Finance lease

Capital lease

Fixed asset investments

Non-current investments

Freehold

Ownership with absolute rights in perpetuity

Inland calls

Local and long-distance calls

Interests in associated undertakings

Securities of equity investees

Loans to associated undertakings

Indebtedness of equity investees not current

Net asset value

Book value

Other debtors

Other current assets

Own work capitalised

Costs of group's employees engaged in the construction

of plant and equipment for own use

Profit

Income

Profit and loss account (statement)

Income statement

Profit and loss account

(under 'capital and reserves' in balance sheet)

Retained earnings

Profit for financial year

Net income

Profit on sale of fixed assets

Gain on disposal of non-current assets

Provision for doubtful debts

Allowance for uncollectable receivables

Provisions

Long-term liabilities other than debt and specific

accounts payable

Redundancy charges

Early release scheme expenses

Reserves

Shareholders' equity other than paid-up capital

Share premium account

Additional paid-in capital or paid-in surplus (not distributable)

Shareholders' funds

Shareholders' equity

Stocks

Inventories

Tangible fixed assets

Property, plant and equipment

Trade debtors

Accounts receivable (net)

Turnover

Revenues