  
    
  
      Term / Acronym
      Definition
    

  A/PAccounts payable.
ASCAccounting Standards Codification (U.S. GAAP).
ASC 840Prior U.S. GAAP lease standard (superseded by ASC 842).
ASC 842U.S. GAAP lease accounting standard (Topic 842) requiring lessees to recognize ROU assets and lease liabilities, while retaining operating vs. finance presentation.
CPIConsumer Price Index; commonly used for index-linked lease payment escalations.
EBITDAEarnings before interest, taxes, depreciation, and amortization; often changes under new lease accounting due to expense reclassification.
EUEuropean Union.
FASABFederal Accounting Standards Advisory Board (U.S. federal government accounting standard‑setter).
FASBFinancial Accounting Standards Board (U.S. GAAP standard‑setter).
FRSFinancial Reporting Standard (commonly used in the UK/Ireland; e.g., FRS 102).
FRS 102UK and Ireland accounting standard for most private companies; being updated to align more closely with IFRS 16‑style lease capitalization.
FYFiscal year.
GASBGovernmental Accounting Standards Board (U.S. state and local government standard‑setter).
GASB 87 / 96U.S. state and local government standards for leases (87) and subscription‑based IT arrangements (96).
GLGeneral ledger.
HGBGerman Commercial Code (German GAAP framework for statutory accounts).
IASInternational Accounting Standards (legacy standards under IFRS).
IAS 17Prior IFRS lease standard (superseded by IFRS 16).
IASBInternational Accounting Standards Board (issuer of IFRS standards).
IFRSInternational Financial Reporting Standards.
IFRS 16IFRS lease accounting standard requiring most leases to be recognized on the balance sheet for lessees via ROU assets and lease liabilities.
IFRS for SMEsSimplified IFRS framework for small and medium‑sized entities; historically retained an IAS 17‑style lease approach (with an update issued in 2023 effective 2027).
IPSASInternational Public Sector Accounting Standards (public‑sector framework used in many jurisdictions).
IPSAS 43Public‑sector lease standard broadly aligned to IFRS 16 concepts.
PCG / PGCExamples of national chart‑of‑accounts frameworks (e.g., France’s Plan Comptable Général; Spain’s Plan General de Contabilidad).
ROAReturn on assets.
ROCEReturn on capital employed.
ROURight‑of‑use (asset recognized by a lessee for the right to use an underlying asset during the lease term).
SECU.S. Securities and Exchange Commission.
SFFASStatement of Federal Financial Accounting Standards (U.S. federal accounting standards).
SFFAS 54U.S. federal lease accounting standard requiring leases to be recognized on the balance sheet.
SMEsSmall and medium‑sized entities.
U.S. GAAPUnited States Generally Accepted Accounting Principles.
UKUnited Kingdom.
VATValue‑added tax.


  
Key Terms and Acronyms
