Accounting terminology differs from one country to another.Which terms deal with the same concept respectively in US,UK and IASB terminology?

Question

Quizplus · Accepted Answer

Long-term/Fixed/Non-current Assets have the same meaning in US, UK, and IASB terminology. They refer to assets that are not expected to be converted into cash within one year or the operating cycle, whichever is longer.

B) Short-term/Fixed/Non-current Assets:
"Short-term" refers to assets that are expected to be converted into cash within one year or the operating cycle, whichever is longer. This term is not equivalent to "fixed" or "non-current" assets which refer to long-term assets.

C) Long-term/Fixed/Non-operating Assets:
In UK terminology, "fixed" assets usually refer to the physical assets of a business (such as property, equipment, and vehicles). "Non-operating" assets are different from "non-current" assets which are long-term assets that are not expected to be converted into cash within one year or the operating cycle, whichever is longer.

D) Long-term/Tangible/Non-current Assets:
While "long-term" and "non-current" assets are equivalent, "tangible" refers to assets that have a physical form (such as property, plant, and equipment) and is not equivalent to "fixed" assets which refer to all long-term assets.

Accounting Terminology Differs from One Country to Another