Common terms in TPS

By Eleanor O'Neill, Student Blog

24 September 2018

To help with your TPS studies and revision, we've put together a glossary of important terms to use as an aid. A more in-depth guide to common abbreviations and phrases can be found in your course materials.


  • FCA: Financial Conduct Authority
  • FRC: Financial Reporting Council
  • FPC: Financial Policy Committee
  • FRS: Financial Reporting Standards
  • GAAP: Generally Accepted Accounting Principles
  • IFRS: International Financial Reporting Standards
  • IQA: Integrated Qualification in Audit
  • ISA: International Standard on Auditing
  • PRA: Prudential Regulation Authority
  • RPE: Relevant Practical Experience

Advanced Finance (AF)

  • AA: Articles of association
  • APT: Arbitrage pricing theory
  • CQC: Comparable Quoted Companies
  • CVA: Company Voluntary arrangement
  • CVL: Creditors' Voluntary Liquidation
  • DCF: Discounted cash flow
  • FME: Future Maintainable Earnings
  • FRA: Forward rate agreement
  • IRR: Internal Rate of Return
  • MTN: Medium-Term Notes
  • MVL: Members' Voluntary Liquidation
  • OTC: Over-the-counter
  • RFR: Risk-free rate of return
  • ROCE: Return On Capital Employed
  • SOA: Statement of affairs
  • SPE: Special Purpose Entities
  • TERP: Theoretical ex-rights price

Assurance and Business Systems (ABS)

  • ADA: Audit Data Analytics
  • AL: Assertions level
  • AR: Audit Risk
  • ASM: Audit strategy memorandum
  • BR: Business Risk
  • CAAT: Computer Assisted Audit Techniques
  • CR: Control Risk
  • CSR: Corporate Social Responsibility
  • DR: Detection Risk
  • FAR: Fixed asset register
  • FS: Financial statements
  • FSL: financial statement level
  • IR: Inherent Risk
  • ISA: International Standards on Auditing
  • RCA: Root Cause Analysis
  • RMIC: Risk Management and Internal Control
  • ROMM: Risk of material misstatement
  • SAR: Substantive Analytical Review
  • TB: Trial Basis
  • TOD: Test of Detail

Financial Reporting (FR)

  • ACA: Accelerated capital allowances
  • AFS: (Asset) Available for sale
  • CRR: Capital Redemption Reserve
  • EPS: Earnings per share
  • FRS: Financial Reporting Standard
  • FV: Fair value
  • FVTOCI: Fair value through other comprehensive income
  • FVTPL: Fair value through profit or loss
  • HFS: (Asset) Held for sale
  • IAS: International Accounting Standard
  • IASB: International Accounting Standards Board
  • IFRS: International Financial Reporting Standard
  • JV: Joint Venture
  • NBV: Net Book Value
  • NFV: Net Fair Value
  • NRV: Net Realisable Value
  • NCA: Non-current assets
  • NCI: Non-controlling interests
  • NCL: Non-current liabilities
  • OCI: Other Comprehensive Income
  • PCP: Permissible capital payment
  • PNI: Proceeds from new issue (of shares)
  • SBP: Share-based payment
  • SPPI: Solely of principal and interest
  • R&D: Research and development (expenditure)
  • VIU: Value in use


  • AEA: Annual Exempt Amount
  • CAP: Chargeable accounting period
  • CYB: Current Year Basics
  • DTT: Double taxation treaties
  • EIS: Enterprise Investment Scheme
  • NRB: Nil rate band
  • PA: Personal Allowance
  • POA: Period of Account
  • PPR: Principal Private Residence
  • QCD: Qualifying Charitable Donations
  • TTP: Taxable Total Profits
  • VCT: Venture Capital Trust


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