DEBTOR DAYS is a ratio used to work out how many days on average it takes a company to get paid for what it sells. It is calculated by dividing the figure for trade debtors shown in its accounts by its sales, and then multiplying by 365.
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB), based in London, UK. The IASB is responsible for setting International Financial Reporting Standards. The IASB hopes that through the creation of international standards, it makes one set of financial statements more compatible with the rest of the world. Currently, a companys financial report would be different for each country based on local generally accepted accounting principles. There are fourteen members of the IASB, of whom twelve are full-time members (ie employed only by the IASB). Five members must be former auditors, three former preparers of accounts, three former users of accounts and one an academic. The remaining two may be of any of these, or other, backgrounds. The non-profit organization IASC Foundation, incorporated in March 2001 in Delaware, US is the parental body of the IASB. The IASC Foundation is also the parent of the Standards Advisory Council and the International Financial Reporting Interpretations Committee.
NON-DISCRETIONARY means it is mandatory, not up to the individual or company.
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