Jargon beginning with: i

IASB: International Accounting Standards Board The independent standard-setting body responsible for the development and publication of international financial reporting standards (IFRS).

IBRD: International Bank for Reconstruction and Development commonly referred to as the World Bank.

ICB: International Competitive Bidding: Method used to select bidders to World Bank and other aid-funded projects.

ICC: International Chamber of Commerce.

ICO: Instituto de Credito Oficial. Part of the Spanish state export credit system responsible, among other things, for paying interest rate subsidies.

IDA: The International Development Association. The long-term lending arm of the World Bank.

IFC: International Finance Corporation. The commercial lending arm of the World Bank Group.

IFRS: International Financial Reporting Standards A set of international accounting and reporting standards to encourage businesses across the globe to report according to the same set of rules.

ILC: Irrevocable Letter of Credit.

IMF: International Monetary Fund. IMRO Investment Management Regulatory Organisation, (in the UK). Now part of FSA.

Incoterms: A publication of the International Chamber of Commerce which is a standard reference on shipping terms. See bibliography.

INS / IN Countries: The 11 EU countries which were included in the EMU area in the first round of membership in May 1998. They are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.

Inspection Agency: A commercial company which inspects cargoes to ensure their condition, often in terms of quantity and quality. It will issue a Certificate of Inspection to confirm the results of its findings.

Insurance Certificate: Often called for under Letters of Credit, evidences that goods have been properly insured up to time of delivery.

Interest Subsidy / Interest Make Up: A subsidy paid to banks or exporters in relation to ECA-supported export credit transactions. It enables an overseas buyer or borrower to receive fixed rate financing.

Invoice Discounting: An advance made against future trade receivables evidenced by invoices. Usually carried out by Factoring companies on a With Recourse basis.

IPMA: International Primary Markets Association.

IRR: Internal Rate of Return. The discount rate which would be need to be applied to a series of future cashflows in order for the Net Present Value to be equal to the capital investment. IRR is used to determine how attractive a potential investment is.

Irrevocable: Cannot be revoked, withdrawn or cancelled except by mutual agreement of the parties. Particularly applies to Letters of Credit.

IRS: Internal Revenue Service - a tax gathering agency of the Department of the Treasury in the United States

ISA: Individual Savings Account. ISAs, were introduced by the UK government on 6th April 1999 to support and extend the principle of long term savings. As such they superseded PEPs and TESSAs.

ISDA: The International Swap Dealers Association. This organisation has produced standard documentation to underpin derivative transactions.

ISIN: International Securities Identification Number used to identify securities.

Islamic Financing: Financial arrangements which conform to Islamic, Sharia Law which forbids the payment or receipt of interest.

ISMA: International Securities Markets Association.

ISO: International Standards Organisation.

Issuing Bank: See 'Opening Bank'.