Translation between UK GAAP & IFRS

Question 1

Question is UK GAAP answer in IFRS

General Accepted Accounting Principles

Answer 1

International Financial Reporting Standards

Question 2

Question is UK GAAP answer in IFRS

Trading and profit and loss account

Answer 2

Statement of profit or loss and other comprehensive income

Question 3

Question is UK GAAP answer in IFRS

Final accounts

Answer 3

Financial statements

Question 4

Question is UK GAAP answer in IFRS

Turnover or sales

Answer 4

Revenue or sales revenue

Question 5

Question is UK GAAP answer in IFRS

Sundry income

Answer 5

Other operating income

Question 6

Question is UK GAAP answer in IFRS

Interest payable

Answer 6

Finance costs

Question 7

Question is UK GAAP answer in IFRS

Sundry expenses

Answer 7

Other operating costs

Question 8

Question is UK GAAP answer in IFRS

Operating profit

Answer 8

Profit from operations

Question 9

Question is UK GAAP answer in IFRS

Net profit/loss

Answer 9

Profit/loss for the year/period

Question 10

Question is UK GAAP answer in IFRS

Balance sheet

Answer 10

Statement of financial position

Question 11

Question is UK GAAP answer in IFRS

Fixed assets

Answer 11

Non-current assets

Question 12

Question is UK GAAP answer in IFRS

Net book value

Answer 12

Carrying amount

Question 13

Question is UK GAAP answer in IFRS

Tangible assets

Answer 13

Property, plant and equipment

Question 14

Question is UK GAAP answer in IFRS

Reducing balance depreciation

Answer 14

Diminishing balance depreciation

Question 15

Question is UK GAAP answer in IFRS

Depreciation/depreciation expenses(s)

Answer 15

Depreciation charge(s)

Question 16

Question is UK GAAP answer in IFRS

Stocks

Answer 16

Inventories

Question 17

Question is UK GAAP answer in IFRS

Trade debtors or debtors

Answer 17

Trade receivables

Question 18

Question is UK GAAP answer in IFRS

Prepayments

Answer 18

Other receivables

Question 19

Question is UK GAAP answer in IFRS

Debtors and prepayments

Answer 19

Trade and other receivables

Question 20

Question is UK GAAP answer in IFRS

Cash at the bank and in hand

Answer 20

Cash and cash equivalents

Question 21

Question is UK GAAP answer in IFRS

Trade creditors or creditors

Answer 21

Trade payables

Question 22

Question is UK GAAP answer in IFRS

Accruals

Answer 22

Other payables

Question 23

Question is UK GAAP answer in IFRS

Creditors and accruals

Answer 23

Trade and other payables

Question 24

Question is UK GAAP answer in IFRS

Long term liabilities

Answer 24

Non-current liabilities

Question 25

# Question is UK GAAP answer in IFRS Capital and reserves

Answer 25

Equity (limited companies)

Question 26

# Question is UK GAAP answer in IFRS Profit and loss balance

Answer 26

Retained earnings

Question 27

# Question is UK GAAP answer in IFRS Minority interest

Answer 27

Non-controlling interest

Question 28

# Question is UK GAAP answer in IFRS Cash flow statement

Answer 28

Statement of cash flows