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UK ASB System: the accounting standards and company law applicable to corporate reporting by UK companies that do not report under the IASB system.

Understandability: qualitative characteristic of financial statements, understandable by users.

Unlisted (Company): limited Liability Company whose shares are not listed on any stock eschange.

Unrealised: gains and losses representing changes in values of assets and liabilities that are not realised through sale or use.

Unsecured Creditors: those who have no claim against particular assets when a company is wound up, but must take their turn for any share of what remains.

Unsecured Loan: loan in respect of which the lender has taken no special claim against any assets.