An older set of standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). |||IASC has no authority to require compliance with its accounting standards. However, many countries require the financial statements of publicly-traded companies to be prepared in accordance with IAS.
A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority of the United States Department of the Treasury. It is primarily engaged in the collection of individual income taxes and employment taxes, but also handles corporate, gift, excise and estate taxes. The IRS is sometimes referred to as the "tax man". |||The IRS is headquartered in Washington, D.C. It is an expansive organization that services the taxation of all Americans. In 2006, the IRS processed about 133 million personal income tax returns and almost six million corporate income tax returns, bringing in trillions of dollars of tax revenue.
The discount rate often used in capital budgeting that makes the net present value of all cash flows from a particular project equal to zero. Generally speaking, the higher a project's internal rate of return, the more desirable it is to undertake the project. As such, IRR can be used to rank several prospective projects a firm is considering. Assuming all other factors are equal among the various projects, the project with the highest IRR would probably be considered the best and undertaken first.IRR is sometimes referred to as "economic rate of return (ERR)". |||You can think of IRR as the rate of growth a project is expected to generate. While the actual rate of return that a given project ends up generating will often differ from its estimated IRR rate, a project with a substantially higher IRR value than other available options would still provide a much better chance of strong growth.IRRs can also be compared against prevailing rates of return in the securities market. If a firm can't find any projects with IRRs greater than the returns that can be generated in the financial markets, it may simply choose to invest its retained earnings into the market.
An estate planning tool used to freeze certain assets of an individual for estate tax purposes, but not for income tax purposes. The intentionally defective trust is created as a grantor trust with a purposeful flaw that ensures that the individual continues to pay income taxes, as income tax laws will not recognize that assets have been transferred away from the individual. For estate tax purposes, however, the value of the grantor's estate is reduced by the amount of the asset transfer. The individual will "sell" assets to the trust in exchange for a promissory note of some length, such as 10 or 15 years. The note will pay enough interest to classify the trust as above market, but the underlying assets are expected to appreciate at a faster rate. |||The beneficiary of an IGDT is typically children or grandchildren, who will receive assets that have been able to grow without reductions for income taxes (which have been paid by the grantor). The IDT can be a very effective estate planning tool if structured properly, allowing a person to lower his or her taxable estate while gifting assets to beneficiaries at a locked in value. The grantor (creator) of the trust can also lower his or her taxable estate by paying income taxes on the trust assets, essentially gifting extra wealth to beneficiaries. An IDT should be structured with the assistance of a certified financial planner and/or estate planning attorney.
Occurs when an account cannot provide adequate funds to satisfy the demand of a payment. Also referred to as "non-sufficient funds", or "NSF". |||Insufficient funds occur when someone tries to purchase an item using a check or debit card without having enough money in his or her bank account. As a result of insufficient funding, the check will bounce or, for debit purchases, the transaction will not be completed and the debit machine will return an error message. Some banks charge penalties for NSF transactions and, in some circumstances, a number of NSFs on one account can lower the account owner's credit rating.
In financing arrangements involving the World Bank, a bidding process that requires the borrower to procure resources funded by its loan according to a number of specified conditions. ICB requires World Bank borrowers to internationally advertise the required goods or services funded by their loans, issue bids for advertisement in an acceptable international language and award contracts to the lowest acceptable bids, subject to certain considerations for qualitative judgment. |||The goal of imposing an international competitive bidding requirement on loans issued by the World Bank is to promote fair and healthy competition for World Bank funded economic opportunities. The borrowing country in such an arrangement maintains a certain degree of freedom in selecting a winning bid for its projects, but it is expected that the lowest-priced, competitive bid be selected.
An international clearing house for futures markets around the world. based in London, the ICCH maintains and organizes the daily duties of clearing futures contracts and guarantees the due fulfillment of transactions for its registered members. |||While the ICCH is a worldwide operator, it primarily serves as the common clearing house for the future markets in Great Britain and Europe. The ICCH is owned by six British clearing banks and provides clearing and settlement facilities for international future markets.
A facility that accepts deposits and offers loans to foreign customers and businesses. |||These institutions aren't bound by the interest rate restrictions and reserve requirements to which domestic lenders are confined. As a result, they are competitive with foreign banks enjoying the same liberties.
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