CPD – Continuing professional development

CPE – Continuing professional education

IFRS – International Financial Reporting Standard

GAAP – Generally Accepted Accounting Policy

ISA – International Standards on Auditing

IAS – International Accounting Standard

IFRIC – International Financial Reporting Interpretations Committee

SIC – Standards Interpretation Committee

Fair Value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date

Amortised cost – The amount at which a financial asset or liability it initially recognised minus principal repayments plus or minus the cumulative amortisation measured at the effective rate of interest

Effective interest rate – The effective interest rate is the true rate of interest earned. It could also be referred to as the market interest rate, the yield to maturity, the discount rate or the internal rate of return

Discount rate – The discount rate is the interest rate used to discount a stream of future cash flows to their present value

IASB – International Accounting Standards Board

FASB – Financial Accounting Standards Board

FRC – Financial Reporting Council

Amortisation – The process of allocating the cost of an intangible asset over time

Impairment – The amount by which an asset or cash generating unit exceed its recoverable amount

OCI – Other Comprehensive Income