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IAS (International Accounting Standard): a standard set and formally adopted by the International Accounting Standards Committee (IASC), predecessor to the International Accounting Standard Board’s (IASB). When the IASB replaced the IASC in 2001, it adopted all Standards then in force.

IASB (International Accounting Standards Board): successor in 2001 to the IASC, it is the independent accounting standard setting body responsible for developing International Financial Reporting Standards (IFRSs).

IBOR (Inter-Bank Offered Rate): the rate of interest at which banks are prepared to lend to each other. Also see LIBOR.

IFRS (International Financial Reporting Standards): a set of accounting rules that became mandatory for the consolidated group accounts of a listed plc for accounting periods commencing on or after 1 January 2005. In the UK, the groups can choose whether to prepare individual entity accounts under UK Generally Accepted Accounting Practice (GAAP), or IFRS.

Indirect Quotation: the price of each unit of the home currency (sterling) expressed as a value in an overseas currency, e.g. $1.4358=£1. Compare with direct quotation.

Interest: amount charged by a lender for the use of money over time. Most tax treaties contain a definition of interest which may, or may not, correspond to domestic definitions.

IPO (Initial Public Offer): the issue of shares by a company to the general public for the first time, which sees those shares listed on a stock exchange. IPOs are underwritten by banks which market the shares and take on any that are unsold.

Investment Grade: a credit rating which indicates that a corporation’s debt issue has a low risk of default, making it a relatively safe, though not high-yielding investment. It contrasts with High Yield Debt.