Glossary Accounting Business UK - Glossario Contabilità UK
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It constitutes a formal repayment proposal presented to a debtor's creditors via an Insolvency Practitioner.
Usually (but not necessarily) the IVA compromises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged.
An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own circumstances.
It can therefore be based on capital, income, third party payments or a combination of these.
Creditors take a decision at a creditors' meeting called to consider the IVA proposal.
The return to creditors is often higher than they would receive in bankruptcy.
A vote is taken - by value. More than 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved.
If any of those voting are 'associates' (usually business associates, friends and family) then a second count is taken and 50% of non-associated creditors must approve it.
In the UK, an increasing number of consumer debtors with overwhelming levels of debt are turning to specialist debt advice organisations that offer an alternative to bankruptcy via the use of an IVA.
An IVA is an alternative to bankruptcy, however they are not mutually exclusive.
A person can propose an IVA after they have been made bankrupt.
If an arrangement is approved post-bankruptcy then the debtor can apply to the Court for an annulment of the bankruptcy order - such IVAs can only be proposed whilst the bankrupt is undischarged.
If an IVA is proposed after a bankruptcy order has been made, it is now also possible to nominate the Official Receiver to be the supervisor of the arrangement.
The Arrangements offered by the Official Receiver are very restricted.
This type of arrangement is called a Fast Track Voluntary Arrangement and is only suitable in certain cases.
The total of the receipts/vouchers and cash should always equal the original float.
To calculate a company's income, it starts with its amount of revenue, deducts all costs, including salaries and depreciation, and the resulting figure is its income.
Some of this money is typically reinvested in the business, and some of the money might be used to pay the owners (the shareholders) a dividend.
It is more often referred to and reported as earnings per share.
It generally applies to small business whether incorporated (see Limited Company) or sole trader or partnership.
For them, generally a simple cashbook to record receipts and payments may be enough instead of the proper accounting system complete with daybooks and ledgers.
Using incomplete records cannot give an accurate set of accounting period end financial statements, as they do not tell the whole story.
There is no record of outstanding debtors or creditors, or of stock.
No analysis of what receipts and payments have been received and paid, or, in some cases, of the split between revenue and capital items.
In an incomplete record system, the figures must be calculated, extrapolated (or extracted in the case of creditors and debtors) to arrive at the year-end profit and loss account.
As a result the balance sheet will rely heavily on application of the concept of the accounting equation.
Thus the value of capital can be determined at any point in time.
This is available instead of a full audit for charities with income below £250,000, although it is not required if income is below £10,000.
An independent examiner must be an individual and must be competent to carry out the examination.
The Charity Commission gives guidance that should be followed in completing an examination.
IPOs typically involve small, young companies raising capital to finance growth.
For investors IPO's can risky as it is difficult to predict the value of the stock (shares) when they open for trading.
An IPO is effectively 'going public' or "taking a company public".
It refers to the accumulation of some kind of asset in hope of getting a future return from it.
Invoice Sent out by the seller or service provider to request payment for goods or services.
AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più frequentemente utilizzati nella contabilità d'impresa nel Regno Unito.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.
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