F
Auditing Terms - Ffailure-to-enroll rate (FER) - (in biometric systems, failure to enter or include individual's data in system's database)
Fair and Accurate Credit Transactions Act of 2003 (FACTA) - (legislation designed to help consumers protect their identities and recover from identity theft.)
Fair Credit Billing Act (FCBA) -
Fair Credit Reporting Act (FCRA) -
Fair Isaac and Company scoring (FICO) - (software developed by Fair Isaac to determine credit scores)
Fair Labor Standards Act (FLSA) -
Fair Market Value (FMV) - (price or amount an asset could be sold for on the open market)
false-acceptance rate (FAR) - (risk that someone who should not be allowed access to a system is granted access to the system)
false-rejection rate (FRR) - (number of times someone who is allowed to use/access a system is falsely rejected)
fast moving consumer goods (FMCG) - (term used to describe tangible consumer goods of portable size that are characterized by high volume activity)
Federal Accounting Standards Advisory Board (FASAB) -
Federal Communications Commission (FCC) -
Federal Deposit Insurance Corporation (FDIC) -
Federal Emergency Management Agency (FEMA) -
Federal Energy Regulatory Commission (FERC) -
Federal enterprise architecture (FEA) -
Federal Enterprise Architecture Framework (FEAF) -
Federal Excise Tax (FET) -
Federal Financial Institutions Examination Council (FFIEC) - (coordinating group of federal and state banking regulations)
Federal Identification Number (FIN) - (TIN - taxpayer identification number)
Federal Income Tax (FIT) -
Federal Income Tax Withholding (FITW) -
Federal Information Processing Standards (FIPS) - (standard for digital signatures)
Federal Insurance Contributions Act (FICA) - (Social Security tax)
Federal Reserve Act of 1913 (FRA) - (Act creating the Federal Reserve System and Federal Reserve Banks)
Federal Reserve Bank (FRB) -
Federal Reserve Board (FRB) - (governing board of the Federal Reserve System)
Federal Trade Commission (FTC) -
federal tax included (FTI) -
Federal Unemployment Tax Act (FUTA) -
Financial Accounting Foundation (FAF) - (institution funding the Financial Accounting Standards Board (FASB) and appointing its members)
Financial Accounting and Reporting (FARE) - (CPA exam section)
Financial Accounting Standard (FAS) - (formal statement of U.S. generally accepted accounting principles (GAAP) issued by the Financial Accounting Standards Board (FASB) on a specific topic and providing accounting, reporting, and disclosure requirements - term has been replaced by Accounting Standards Codification (ASC).)
Financial Accounting Standards Advisory Council (FASAC) -
Financial Accounting Standards Board (FASB) - (nongovernmental body authorized to set final accounting industry standards)
Financial Executives Institute (FEI) - (organization of controllers/treasurers in accounting/financial services industries)
Financial Industry Regulatory Authority (FINRA) - (nonprofit oversight body for the securities industry)
Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) - (legislation to resolve the savings and loan crisis)
Financial and Operations Combined Uniform Single Report (FOCUS) - (securities industry report required for broker-dealers)
Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) - (reporting option for small businesses - not considered authoritative)
Financial Reporting Releases (FRRs) -
Financial Reporting Standard (FRS) -
Financial Reporting Standard for Smaller Entities (FRSSE) -
Financial Services Modernization Act of 1999 (FSMA) - (Gramm-Leach-Bliley Act)
financial statement (FS) - (financial report(s) of a business or organization)
Financing Corporation (FICO) - (federal agency set up in 1987 to deal with the savings and loan crisis)
firm-on-firm review (FOF) - (CPA firm review by another CPA firm - peer review)
first in, first out (FIFO) - (method of accounting for inventory costs)
first in, last out (FILO) - (method of accounting for inventory costs)
first in, last out (FILO) - (computer program processing - procedure where data is taken off the top of a memory stack)
first in, still here (FISH) - (method of accounting for inventory costs - essentially the same as last-in, first out)
fiscal year (FY) -
fixed asset (FA) - (large non-movable items - building, machinery, land)
fixed capital (FC) - (investment in long-term assets)
fixed cost (FC) - (unchanged cost part of goods production)
Fixed Income Pricing System (FIPS) -
fixed overhead absorption rate (FOVAR) -
Fixed-Payment Mortgage (FPM) -
fixed and variable rate method (FAVR) - (employee auto expenses reimbursement method)
floating asset (FA) - (current/short-term asset)
flow of funds (FOF) -
Foreign Bank and Financial Accounts Report (FBAR) - (report to the US Treasury of financial accounts located outside the US)
Foreign Direct Investment (FDI) - (investment in U.S. businesses by foreign citizens)
foreign dividend withholding payment (FDWP) -
Foreign Sales Corporation (FSC) -
free cash flow (FCF) - (cash available after costs for continuing operations have been covered)
Free on Board (FOB) - (transportation term - seller pays shipping costs up to FOB point)
Freedom of Information Act (FOIA) -
full disclosure (FD) - (requirement that all material information relating to financial reports must be disclosed - often requirement for stock exchange listings)
function point (FP) - (component of a system for estimating complexity/difficulty in the development of large business applications)
function point analysis (FPA) - (multiple-point technique used for estimating complexity in the development of large business applications)
Funds from Operations (FFO) - (funds/cash provided by operating activities)
furniture and fixtures (F&F) -
furniture, fixtures and equipment (FF&E) -