Carrying Amount/NBV

System

Just need some clarification as to whether the net book value and the carrying amount of an assset are simply different terms for same thing. If not, what's the difference?

Thanks.

Chris

System

Re:Carrying Amount/NBV

I have never heard of carrying amount, but would assume that they are the same - after all the NBV is the amount that you are carrying forward....

Maybe someone will correct me :oops:

Claudia

System

Re:Carrying Amount/NBV

You are both right, the carrying amount is just another term for Cost less acc' dep'n

System

Re:Carrying Amount/NBV

'Carrying amount' crops up in the DFS textbooks - I thought it was probably just another term for NBV but you never know

Thanks for the clarification.

Chris

System

Re:Carrying Amount/NBV

Carrying amount is a definition that international standards use, net book value is definition that UK standards use.

Unless UK standards use carrying amount now as well, as I haven't looked at them for a few years.

Here are some more if you're interested!



Turnover, Revenue

Operating Profit, Profit from operations

Profit on ordinary activities before tax, Profit before tax

Tax on profit on ordinary activities, Income tax expense

Profit on ordinary activities after tax, Profit for the period

Appropriation account - No equivalent, but Statement of Equity- used for similar purpose

Fixed Assets, Non-current assets

Tangible fixed assets, Property, plant & equipment

Stock, Inventory

Debtors, Trade receivables

Cash/Bank, Cash and cash equivalents

Creditors: amounts falling due after more than one year, Non-current liabilities


Debentures, Long-term borrowings

Creditors: amounts falling due within one year, Current liabilities


Creditors, Trade receivables

Capital allowances, Tax depreciation