Glossary

For FATCA, a U.S. person is mainly a US citizen or resident, or a US-organised entity such as a company, partnership or trust, whose foreign accounts must be reported to the US tax authority.

The UN Global Compact is a voluntary initiative asking companies to adopt ten principles on human rights, labour, environment and anti-corruption, and to report each year on progress.

The UN Guiding Principles on Business and Human Rights are a global standard, endorsed in 2011, setting out the state duty to protect human rights, the corporate responsibility to respect them, and access to remedy.

An uncertain tax position is a tax treatment a company has used, or plans to use, in a return where it is not sure the tax authority will accept it, so the financial statements must reflect that doubt.

Unexpected loss is the part of a loss that exceeds the average because actual results vary. Capital, rather than pricing or provisions, is held to absorb it.

Unfair commercial practices are business dealings with consumers that are misleading, aggressive or otherwise unfair, and that legal rules prohibit because they distort the buyer's decision.

UNCAC is the first legally binding global anti-corruption treaty, adopted by the United Nations in 2003, setting standards on prevention, criminalisation, international cooperation and the return of stolen assets.

UNSC sanctions are measures such as asset freezes, travel bans and arms embargoes adopted by the United Nations Security Council, which every UN member state is bound to apply through its own laws.