BRITISH-AMERICAN MODEL Definition

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BRITISH-AMERICAN MODEL is an accounting model. There are other accounting systems which differ from the U.S. accounting model. U.S. GAAP and FASB standards are not the only accounting principles used internationally; for example, many countries reverse the U.S. debit and credit system. Many countries with high rates of inflation account for inflation in financial reports much more than the U.S. does. Also, for any company operating internationally there is the currency exchange translation problem when consolidating financial statements.

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YEAR-END is the end of an accounting period; usually a calendar year, but may be a fiscal year. Books are closed at year-end.

ECONOMIC VALUE (EV) is the value of an asset deriving from its ability to generate income.

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