Question

What are the equivalent UK GAAP terms for the following?

- Statement of profit or loss
- Statement of financial position
- Non-current asset
- Carrying amount
- Inventories
- Receivables
- Irrecoverable debt
- Irrecoverable debt expense
- Allowance for receivables
- Retained earnings
- Payables
- Non-current liabilities
- Current liabilities
- Revenue
- Finance costs
- Property, plant and equipment

Answer 1

The equivalent UK GAAP terms for various accounting terms are: income statement, balance sheet, fixed asset, net book value, stock, trade debtors, bad debt, bad debt expense, provision for doubtful debts, profit and loss reserve, trade creditors, long-term liabilities, short-term liabilities, sales, interest expense, and fixed assets.

Step-by-step explanation:

The equivalent UK GAAP terms for the following are:

1. Statement of profit or loss: Income statement
2. Statement of financial position: Balance sheet
3. Non-current asset: Fixed asset
4. Carrying amount: Net book value
5. Inventories: Stock
6. Receivables: Trade debtors
7. Irrecoverable debt: Bad debt
8. Irrecoverable debt expense: Bad debt expense
9. Allowance for receivables: Provision for doubtful debts
10. Retained earnings: Profit and loss reserve
11. Payables: Trade creditors
12. Non-current liabilities: Long-term liabilities
13. Current liabilities: Short-term liabilities
14. Revenue: Sales
15. Finance costs: Interest expense
16. Property, plant and equipment: Fixed assets