Financial glossary
Produced in partnership with Paul Gilbert and Lawrence Smith of LBC Wise Counsel
Financial glossary

The following In-House Advisor guidance note Produced in partnership with Paul Gilbert and Lawrence Smith of LBC Wise Counsel provides comprehensive and up to date legal information covering:

  • Financial glossary

Term Meaning
Accounting reference date When a company is incorporated, it will usually have an accounting reference date that is the last day of the month in which the anniversary of its incorporation falls. Directors can change the accounting reference date by filing an appropriate form with the Registrar of Companies. It marks the end of the annual accounting period and is also known as the balance sheet date.
Accounts payable Amounts owed by an organisation or individual to another for goods or services it has received.
Accounts receivable Amounts due to an organisation or individual from another for goods or services it has supplied.
Accrual A term used in company accounts where income is due or a cost is incurred during an accounting period but has not been received or paid.
Adjusted earnings If a company’s earnings figures are distorted either positively or negatively by exceptional one-off occurrences in the year, its directors can choose to clarify the performance by releasing adjusted