Accounting Convention

Accounting Convention

An accounting procedure used informally. That is, an accounting convention has been neither endorsed nor prohibited by the SEC or another appropriate body. In general, when the SEC has neither endorsed nor prohibited an accounting convention, it is because it has not needed to rule on the matter, especially if the convention is new. A ruling may formalize or forbid a convention, or it may make the convention obsolete.
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The budget crude oil price is merely an accounting convention used to calculate projected revenues.
Goodwill is an accounting convention that represents the amount paid for an acquisition over and above the fair value of its net assets.
One of these differences involves the use of historical cost based accounting, a prime accounting convention in the United States.
The Eugene-Springfield chapter of the Institute of Management Accountants features "Eugene Accounting Humor" as the central point of its Web page, including how you identify a Eugene CPA at an accounting convention.
Under UK accounting convention, companies have wide discretion in deciding when to recognise revenue in their accounts.
The new accounting convention was supposed to help readers of mortgage company financial statements such as investment bankers, security analysts and warehouse lenders.
A Scottish Office spokesman said: "This is required as an accounting convention.
This accounting convention means that the stock market decline had litfie direct effect on banks' reported tier 1 positions because most stocks continued to he reported on a cost-of-acquisition basis.
Elimination of an accounting convention that results in negative profits of noninsured pension plans;
Deferred taxes are an accounting convention created by Financial Accounting Standards Board Statement no.
A digest of Business Experience with Electronic Computers is presented at a session of the Asian and Pacific Accounting Convention in Australia.
When I was a corporate wage slave this used to stand for the accounting convention "first in, first out.

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