Glossary 

It is the nature of business to shorten names and titles to acronyms and to have an ever-increasing number of terms which might puzzle the uninitiated. This page offers some definitions.


KPMG established the Audit Committee Institute (ACI) to help audit committee members keep pace with business issues relating to governance, audit, accounting and financial reporting. Since its inception in 1999, KPMG member firms have launched ACIs in 20 countries.

Anti-money laundering

Services designed to help clients address specific issues which may relate to major regulatory or reporting changes or to the need for special skills on accounting matters.

Capital Adequacy Standard

Central Eastern Europe

Chief Financial Officer

Europe, Middle East and Africa region

Energy & Natural Resources. The ENR sector includes oil and gas, power and utilities, mining and forestry industries.

Enterprise Risk Management frameworks

Financial Accounting Standards Board

Fast moving consumer goods

Global Assignment Policies and Practices

Global Tax Management System. A KPMG proprietary system.

KPMG Global Transfer Pricing Services practice. A network of KPMG professionals based in KPMG member firms providing transfer pricing services.

International Accounting Standards Board

Internal Capital Adequacy Assessment Process

International Financial Reporting Standards

Intellectual property

KPMG International Financial Reporting Group. A single independent unit based in the U.K. providing international financial reporting services.

Mobile network operators

Organisation for Economic Co-operation and Development

Original equipment manufacturer(s)

Private finance initiatives

Personally Identifiable Information

Public private partnership

Registration, Evaluation and Authorization of Chemicals. European Union (EU) directive which came into effect on June 1, 2007 and requires chemical manufacturers and importers in the EU to prove the safety of their products.

US Securities and Exchange Commission

Small and Medium-sized Entities

United States Generally Accepted Accounting Practice