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International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management.

In December 2018, an independent review of the FRC, led by Sir John Kingman, recommended its replacement by a new Audit, Reporting and Governance Authority, a recommendation followed by the government in March 2019.

INFO: Full form for MIMQ is Many Items, Many Quantity in Accounts and Finance category
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INFO: Full form for ASLGU is Audits of State and Local Governmental Units in Accounts and Finance category
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INFO: Full form for CMIIA is Chartered Internal Auditor (chartered Institute of Internal Auditors, Uk) in Accounts and Finance category
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INFO: Full form for CMIIA is Certified Member, Institute of Internal Auditors (institute of Internal Auditors, Australia) in Accounts and Finance category
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INFO: Full form for FRICS is Fellow of The Royal Institution of Chartered Surveyors in Accounts and Finance category
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INFO: Full form for MEWI is Member of The Expert Witness Institute in Accounts and Finance category
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INFO: Full form for LCOE is Levelised Cost of Electricity in Accounts and Finance category
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INFO: Full form for AAC is Audit and Assurance Council in Accounts and Finance category
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INFO: Full form for VSOE is Vendor-specific Objective Evidence in Accounts and Finance category
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Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process.

The person in an organisation who is employed to perform bookkeeping functions is usually called the bookkeeper (or book-keeper). They usually write the daybooks (which contain records of sales, purchases, receipts, and payments), and document each financial transaction, whether cash or credit, into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc.—and the general ledger. Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper. The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports for the organisation, such as the income statement and balance sheet.

Enterprise value (EV), total enterprise value (TEV), or firm value (FV) is an economic measure reflecting the market value of a business (i.e. as distinct from market price). It is a sum of claims by all claimants: creditors (secured and unsecured) and shareholders (preferred and common). Enterprise value is one of the fundamental metrics used in business valuation, financial analysis, accounting, portfolio analysis, and risk analysis.

Enterprise value is more comprehensive than market capitalization, which only reflects common equity. Importantly, EV reflects the opportunistic nature of business and may change substantially over time because of both external and internal conditions. Therefore, financial analysts often use a comfortable range of EV in their calculations.

An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. Unlike an accounting profit, an economic profit takes into account both a firm's implicit and explicit costs, whereas an accounting profit only relates to the explicit costs which appear on a firm's financial statements. Because it includes additional implicit costs, the economic profit usually differs from the accounting profit.

Economists often view economic profits in conjunction with normal profits, as both consider a firm's implicit costs. A normal profit is the profit that is necessary to cover both the implicit and explicit costs of a firm and of the owner-manager or investors who fund it. In the absence of this profit, these parties would withdraw their time and funds from the firm and use them to better advantage elsewhere, as to not forgo a better opportunity. In contrast, an economic profit, sometimes called an excess profit, is the profit remaining after both the implicit and explicit costs are covered.

The enterprise component of normal profit is the profit that business owners consider necessary to make running the business worth their time, i.e., it is comparable to the next-best amount the entrepreneur could earn doing another job. In particular, if enterprise is not included as a factor of production, it can also be viewed as a return to capital for investors including the entrepreneur, equivalent to the return the capital owner could have expected (in a safe investment), plus compensation for risk. Normal profit varies both within and across industries; it is commensurate with the riskiness associated with each type of investment, per the risk-return spectrum.

Economic profits arise in markets which are non-competitive and have significant barriers to entry, i.e. monopolies and oligopolies. The inefficiencies and lack of competition in these markets foster an environment where firms can set prices or quantities instead of being price-takers, which is what occurs in a perfectly competitive market.In a perfectly competitive market when long-run economic equilibrium is reached, an economic profit becomes non-existent - because there is no incentive for firms either to enter or to leave the industry.

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INFO: Full form for CCR is Circle Computer Resources in Accounts and Finance category
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Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.

Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore, unlike Western accounting standards, they were less a tool of profit and loss, but an inventory of assets available to a company. In contrast to a Western balance sheet, Chinese accounting standards did not include an accounting of the debts that a corporation holds, and were less suitable for management control than for accounting for tax purposes.

This system of accounting was widely considered to be unsuitable for managing corporations in a market economy. In 2006, the Chinese government introduced a revised accounting law. This was the fruit of considerable discussion and protracted debate, involving the Ministry of Finance, members of the International Accounting Standards Board (IASB) and representatives of some Chinese firms.

This revised law marked a large step forward for the continuing integration of world trade and capital markets, with China adopting a significant number of the accounting standards laid out by the International Accounting Standards Board. The old Chinese Accounting Standards (CAS) were largely replaced by the International Financial Reporting Standards (IFRS), to bring China more in line with the rest of the world. The similarity between the new Chinese accounting standards and the IFRS is almost 90–95%.

This has proven to be a massive undertaking. As a consequence Chinese companies who offer shares for sale in the United States used to be required to prepare three sets of statements, one using Chinese accounting standards (China GAAP), one using international standards (IFRS), and one using North American GAAP standards (US GAAP). However, since 2008 the U.S. Securities and Exchange Commission (SEC) allows foreign private issuers to use financial statements prepared in accordance with IFRS.

INFO: Full form for CAS is Composite Accounting System in Accounts and Finance category
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INFO: Full form for CAS is Comprehensive Annual Statement in Accounts and Finance category
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