Trinidad and Tobago

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.

Advanced measurement approach

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.

Brazil, Russia, India and China

Capital Adequacy Standard

Central and Eastern Europe

End of Life Vehicles Directive. EU legislation.

Europe, Middle East and Africa region

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

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.

Enterprise Risk Management frameworks

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

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.

Legislative regime that came into effect in 1992.

Legislative regime to come into effect in 2008.

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

Fast moving consumer goods

People, processes, technology and risk/control

U.K. Financial Services Authority

Global Assignment Policies and Practices

Gulf Co-operation Council

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.

Legislation regarding the regulation of hazardous materials.

International Accounting Standards Board

Internal Capital Adequacy Assessment Process

Islamic financial institutions

International Financial Reporting Standards

KPMG web-based transfer pricing platform.

Integrated regulatory reporting

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.

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

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

Public private partnership

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

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.

Restriction of Hazardous Substances Directive

Risk-weighted capital ratio

US Securities and Exchange Commission

KPMG proprietary software

Known as Basel IA

Waste Electrical and Electronic Directive