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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 schemes   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    
(under ‘‘capital and reserves’’ in balance sheet)   Retained earnings
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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