Translation between UK GAAP & IFRS Flashcards by Leslie Hayden | Brainscape

Q

Question is UK GAAP answer in IFRS

General Accepted Accounting Principles

A

International Financial Reporting Standards

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Q

Question is UK GAAP answer in IFRS

Trading and profit and loss account

A

Statement of profit or loss and other comprehensive income

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Q

Question is UK GAAP answer in IFRS

Final accounts

A

Financial statements

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Q

Question is UK GAAP answer in IFRS

Turnover or sales

A

Revenue or sales revenue

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Q

Question is UK GAAP answer in IFRS

Sundry income

A

Other operating income

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Q

Question is UK GAAP answer in IFRS

Interest payable

A

Finance costs

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Q

Question is UK GAAP answer in IFRS

Sundry expenses

A

Other operating costs

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Q

Question is UK GAAP answer in IFRS

Operating profit

A

Profit from operations

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Q

Question is UK GAAP answer in IFRS

Net profit/loss

A

Profit/loss for the year/period

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Q

Question is UK GAAP answer in IFRS

Balance sheet

A

Statement of financial position

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Q

Question is UK GAAP answer in IFRS

Fixed assets

A

Non-current assets

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Q

Question is UK GAAP answer in IFRS

Net book value

A

Carrying amount

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Q

Question is UK GAAP answer in IFRS

Tangible assets

A

Property, plant and equipment

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Q

Question is UK GAAP answer in IFRS

Reducing balance depreciation

A

Diminishing balance depreciation

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Q

Question is UK GAAP answer in IFRS

Depreciation/depreciation expenses(s)

A

Depreciation charge(s)

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Q

Question is UK GAAP answer in IFRS

Stocks

A

Inventories

Q

Question is UK GAAP answer in IFRS

Trade debtors or debtors

A

Trade receivables

Q

Question is UK GAAP answer in IFRS

Prepayments

A

Other receivables

Q

Question is UK GAAP answer in IFRS

Debtors and prepayments

A

Trade and other receivables

Q

Question is UK GAAP answer in IFRS

Cash at the bank and in hand

A

Cash and cash equivalents

Q

Question is UK GAAP answer in IFRS

Trade creditors or creditors

A

Trade payables

Q

Question is UK GAAP answer in IFRS

Accruals

A

Other payables

Q

Question is UK GAAP answer in IFRS

Creditors and accruals

A

Trade and other payables

Q

Question is UK GAAP answer in IFRS

Long term liabilities

A

Non-current liabilities

Q

Question is UK GAAP answer in IFRS

Capital and reserves

A

Equity (limited companies)

Q

Question is UK GAAP answer in IFRS

Profit and loss balance

A

Retained earnings

Q

Question is UK GAAP answer in IFRS

Minority interest

A

Non-controlling interest

Q

Question is UK GAAP answer in IFRS

Cash flow statement

A

Statement of cash flows