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accounting currency

The accounting currency is the monetary unit used by a firm to record its transactions and to present its financial statements. The accounting currency is also known as the reporting currency or presentation currency. In most cases, the accounting currency is also the firm’s ‘functional currency’, i.e. the currency in which it primarily generates and […]

accounts payable

Accounts payable are liabilities arising from the purchase of merchandise, supplies, and services on credit. Accounts payable require the company to make payment in the future. They are typically registered on the balance sheet when the firm receives an invoice. Accounts payable generally do not call for interest payments. Together with accounts receivable, accounts payable […]

authorised payment institution

The UK Financial Conduct Authority (FCA) defines an authorised payment institution as a person authorised as a payment institution under the Payment Services Regulations and included in the Financial Services register to that effect. The Financial Conduct Authority is the regulator of the more than 50,000 firms offering financial services in the UK, including cross-border […]