Glossary

A
ACCA Association of Chartered Certified Accountants
ACFE Association of Certified Fraud Examiners
ADIT Advanced Diploma in International Taxation
AML Anti-Money Laundering
Arm’s Length The concept of an arm’s length transaction assures that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from the other party.
B
BEPS Base Erosion & Profit Shifting
Blacklist A list of selected tax havens or high-risk countries.
C
CCCI Cyprus Chamber of Commerce and Industry
CEE Central & Eastern Europe
CFT Counter Terrorist Financing
CRS Common Reporting Standard
CTO Cyprus Tourism Organization
CySEC Cyprus Securities and Exchange Commission
D
DTT Double Tax Treaties
E
EC European Community
EMEA Europe, Middle East and Africa region
ENR Energy & Natural Resources.
EU European Union
F
FATCA Foreign Account Tax Compliance Act
FATF Financial Action Task Force
FOF Forum of Firms
FS Financial statements
G
GAAP Generally Accepted Accounting Principles
GAPP Global Assignment Policies and Practices
GCC Gulf Co-operation Council
I
IAB International Accounting Bulletin
IASB International Accounting Standards Board
ICAEW Institute of Chartered Accountants in England and Wales
ICPAC Institute of Certified Public Accountants of Cyprus
IFAC International Federation of Accountants
IFRS International Financial Reporting Standards
IIA Cyprus Cyprus Institute of Internal Auditors
IMF International Monetary Fund
IP Intellectual Property
ISA International Standards on Auditing
IT Information Technology
K
KYC Know Your Client
L
LLC Limited Liability Company
LLP Limited Liability Partnership
LTD Limited Company
M
M&A Mergers and Acquisitions
MOA Memorandum of Agreement
O
OECD Organisation for Economic Co-operation and Development
P
PE Permanent Establishment
PLC Public Limited Company
PPP Public Private Partnership
S
STEP Society of Trust and Estate Practitioners
T
TIC Taxpayer’s Identification Code
TPG Transfer Pricing Guidelines
TPR Transfer Pricing Regulation
TPS Transfer Pricing Studies
V
VAT Value Added Tax