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    Glossary of terms and US equivalents   

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Term used in UK annual report   US equivalent or definition
     
Accounts   Financial statements
     
Associates   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
     
Employee share plans   Employee stock benefit plans
     
Finance lease   Capital lease
     
Financial year   Fiscal year
     
Fixed asset investments   Non-current investments
     
Freehold   Ownership with absolute rights in perpetuity
     
Gearing   Leverage
     
Inland calls   Local and long-distance calls
     
Interests in associates and joint ventures   Securities of equity investees
     
Investment in own shares   Treasury shares
     
Loans to associates and joint ventures   Indebtedness of equity investees not current
     
Net book value   Book value
     
Operating profit   Net operating income
     
Other debtors   Other current assets
     
Own work capitalised   Costs of group’s employees engaged in the construction of plant and equipment for internal use
Profit   Income
     
Profit and loss account (statement)   Income statement
     
Profit and loss account   Retained earnings
(under “capital and reserves” in balance sheet)    
     
Profit for the financial year   Net income
     
Profit on sale of fixed assets   Gain on disposal of non-current assets
     
Provision for doubtful debts   Allowance for bad and doubtful accounts receivable
     
Provisions   Long-term liabilities other than debt and specific accounts payable
     
Recognised gains and losses (statement)   Comprehensive income
     
Reserves   Shareholders’ equity other than paid-up capital
     
Share based payment   Stock compensation
     
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

 

 

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