Differences in Terminology
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TERMS &DEFINITIONS
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Terms
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U. S. GAAP
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IFRS
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Accrual
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the cash involved is received.
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Bank borrowings
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Called-up share capital
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Capital allowances
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Creditors
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Earnings
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Finance Lease
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Fised asset investment
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Freehold
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Loans
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P&L Statement
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Reserves
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Retained Earnings are a corporation's undistributed earnings.
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Reservesare equivalent to retained earnings in the U.S and represent amounts retained in the business and not distributed to owners.
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Share premium account
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Stocks
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Turnover
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