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.

ACI
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.

 

AMA
Advanced measurement approach

 

AML
Anti-money laundering

 

Audit related services
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.

 

BRIC
Brazil, Russia, India and China

 

CAS
Capital Adequacy Standard

 

CEE
Central and Eastern Europe

 

ELV
End of Life Vehicles Directive. EU legislation.

 

EMA
Europe, Middle East and Africa region

 

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

 

Enterprise 2.0
Enterprise social software (E2.0). The use of an entire suite of emergent technologies - wikis, blogs, tagging, and social networking tools - both inside companies and between companies and the outside world.

 

ERM
Enterprise Risk Management frameworks

 

Estate agent/realtor
U.K. usage: estate agent; US usage: realtor. Professionals dealing with the valuation and sale of property.

 

EU-ETS
EU Emissions Trading Scheme. Launched in January 2005 with mandatory GHG (green house gas) emission controls for industrial activities from 1 January 2005. Currently focusing on activities including the production and the manufacture of ferrous metals, pulp and paper, the scope of the scheme is expected to be widened to include other GHG emissions and industrial activities from January 2008.

 

Euro I
Legislative regime that came into effect in 1992.

 

Euro IV exhaust emission standards
EU legislation.

 

Euro V
Legislative regime to come into effect in 2008.

 

EVM project management software
Earned value management project management software. Software that evaluates contractor management.

 

FMCG
Fast moving consumer goods

 

Four dimensions of business change, the
People, processes, technology and risk/control

 

FSA
U.K. Financial Services Authority

 

GAPP
Global Assignment Policies and Practices

 

GCC
Gulf Co-operation Council

 

GTMS
Global Tax Management System. A KPMG proprietary system.

 

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

 

HAZMAT legislation
Legislation regarding the regulation of hazardous materials.

 

IASB
International Accounting Standards Board

 

ICAAP
Internal Capital Adequacy Assessment Process

 

IFIs
Islamic financial institutions

 

IFRS
International Financial Reporting Standards

 

IFSB
Islamic Financial Services Board

 

Interpreter
KPMG web-based transfer pricing platform.

 

IRR
Integrated regulatory reporting

 

KPMG ENR Tax Masterclass training program
The Masterclass training program is a cooperative approach to learning. Built around case study workgroups, over the course of two days, the workgroups and the client work together discussing client issues, brainstorming possible solutions, and cultivating a client/KPMG network.

 

KPMG Financial Services Global Client Program
Through the Global Client Program Financial Services coordinates global service delivery, to clients aligning their line of business, functions and regional needs.

 

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

 

MNOs
Mobile network operators

 

OECD
Organisation for Economic Co-operation and Development

 

OEMs
Original equipment manufacturer(s)

 

PFIs
Private finance initiatives

 

PPPs
Public private partnership

 

Prospective reporting
Where permitted, assisting clients with the preparation, due diligence or attestation required as part of a process to obtain financing.

 

REACH
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.

 

RoHS
Restriction of Hazardous Substances Directive

 

RWCR
Risk-weighted capital ratio

 

SEC
US Securities and Exchange Commission

 

TaxCube
KPMG proprietary software

 

US Basel II
Known as Basel IA

 

WEEE
Waste Electrical and Electronic Directive