Glossary
Glossary
The terms we use, explained plainly.
- Annual financial statements (AFS)The yearly set of financial statements for a whole entity, prepared under an accounting framework and, where required, audited.
- Approved Training Employer (ATE)An employer approved by the Lesotho Institute of Accountants to provide practical training to trainee accountants.
- Electronic Billing System (EBS)Invoicing software accredited by RSL and connected to Lekuka, used by VAT-registered businesses in Lesotho to issue invoices.
- Fiscal invoiceA tax invoice issued through a system linked to the revenue authority, so that the authority holds a record of it.
- IFRS for SMEsA simplified international accounting standard for entities without public accountability, used to prepare general purpose financial statements.
- Invoice Data Management System (IDMS)RSL's central system for receiving invoice data from accredited billing systems, known in Lesotho as Lekuka.
- Prepared by client list (PBC list)The list of schedules, reports and documents a client prepares for the auditor before audit fieldwork starts.