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Home > QFINANCE Dictionary > Definition of SIC

Definition of

SIC

Business abbr

US system for identifying businesses with their activity Standard Industrial Classification: in the United States, a system used for categorizing and coding businesses according to the type of activity in which they are engaged.

SIC - Related Articles
  • Classification and Treatment of Leases

    Best Practice

    IAS 17 is further explained in SIC 15, SIC 27 and IFRIC 4 and 12. SIC 15 states that any incentives such as rent-free periods or contributions by the lessor to the lessee’s relocation costs should be reported as a reduction of lease income or lease expense. IFRIC (a standard issued post 2001) 4
    By Roger Lister

  • International Financial Reporting Standards (IFRS): The Basics

    Checklists

    First adopted in 2001, IFRS includes many of the International Accounting Standards (IAS) previously set by the IASB with the objective of improving the level of transparency of companies’ finances. IFRS also generally includes the International Financial Reporting Interpretations Committee (IFRIC) interpretation and that of its predecessor, Standing Interpretations Committee (SIC), prior to March 2002

  • Compliance and Corporate Audit

    Best Practice

    Between 1992 and 1993 the Pepsi slogan was “Be young, have fun, drink Pepsi” (PepsiCo, 2011b). Although this slogan conveys a lighthearted spirit, PepsiCo takes its regulatory responsibilities seriously. On the corporate governance page of its website, the company asserts that “PepsiCo has adopted strict corporate standards that govern our operations and ensures [sic] accountability for our actions” (PepsiCo, 2011a
    By Helen Roybark

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Definitions of ’SIC’ and meaning of ’SIC’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’SIC’ and other financial terms with our online QFINANCE Financial Dictionary.

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