ACCA Glossary

1. ACCA (Association of Chartered Certified Accountants): A global professional accounting body offering the ACCA qualification.

2. IFRS (International Financial Reporting Standards): Global accounting standards developed by the International Accounting Standards Board (IASB).

3. GAAP (Generally Accepted Accounting Principles): Accounting standards used in a specific country or region.

4. Audit: Examination of financial statements to ensure accuracy and compliance with regulations.

5. Taxation: The study of tax laws and their application in accounting.

6. Corporate Governance: The system of rules, practices, and processes by which a company is directed and controlled.

7. Forensic Accounting: Investigative accounting to detect and prevent financial fraud.

8. IASB (International Accounting Standards Board): An independent standard-setting body responsible for developing IFRS.

9. PQ (Professional Qualification): The ACCA qualification leading to becoming a chartered certified accountant.

10. SBR (Strategic Business Reporting): ACCA paper focusing on advanced financial reporting.

11. FM (Financial Management): ACCA exam paper covering financial management techniques.

12. Cost of Capital: The required rate of return to attract capital to a particular investment.

13. Cash Flow Statement: A financial statement showing how changes in balance sheet accounts affect cash and cash equivalents.

14. Financial Ratio: A ratio of two financial metrics, used for analysis.

15. SWOT Analysis: Examining a company’s Strengths, Weaknesses, Opportunities, and Threats.

16. NPV (Net Present Value): The difference between the present value of cash inflows and outflows in an investment.

17. Internal Control: Policies and procedures to ensure accurate financial reporting and safeguarding assets.

18. Enterprise Risk Management (ERM): Identifying and managing risks across an organization.

19. IAS 2 (Inventories): Standard on accounting for inventories.

20. IAS 10 (Events after the Reporting Period): Standard addressing events occurring after the end of the reporting period.

21. IAS 33 (Earnings per Share): Standard on calculating and presenting earnings per share.

22. Management Accounting: Providing information to help organizations make informed decisions.

23. Professional Ethics Module: A mandatory module for ACCA students.

24. FIA (Foundation in Accountancy): An entry-level qualification provided by ACCA.

25. CIMA (Chartered Institute of Management Accountants): Another professional accounting body, often compared to ACCA.