generally accepted accounting principles

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Generally Accepted Accounting Principles (GAAP)

The overall conventions, rules, and procedures that define accepted accounting practice at a particular time in the U.S.

Generally Accepted Accounting Principles

Rules to which accountants adhere when preparing financial statements. The Generally Accepted Accounting Principles exist to ensure that American accountants are using the same or almost the same standards so that comparison of financial statements between or within a company is easy and accurate. They also promote transparency in accounting. The GAAP are set by the FASB. See also: International Financial Reporting Standards.

generally accepted accounting principles (GAAP)

Guidelines and rules for use by accountants in preparing financial statements. These principles, which evolved over a period of years, are designed to help ensure that financial data are presented fairly and are comparable from firm to firm and from industry to industry. In expressing an opinion on financial statements, certified public accountants are required to stipulate whether their statements have been prepared according to generally accepted accounting principles.

Generally accepted accounting principles (GAAP).

Generally accepted accounting principles (GAAP), which are the basis for financial reporting by the private sector in the United States, have been codified by the Financial Accounting Standards Board (FASB) into a single authoritative source.

The codification is designed to strengthen the economic system by organizing standards from various sources into approximately 90 accounting topics and providing uniform criteria for communicating data. The code is scheduled for final adoption at the end of 2008 following a one-year verification period.

generally accepted accounting principles (GAAP)

(pronounced “gap”) Established by the Financial Accounting Standards Board (FASB), these are the guidelines for proper accounting practices.

References in periodicals archive ?
Management accounting practice is a management tool designed to provide reliable and essential financial or nonfinancial information that an organization needs to make business decisions.
They were asked whether the practice is in use, still considering using or still not considering using any of management accounting practice.
Management of an Accounting Practice Handbook, loose-leaf version (# 090407JA); e-MAP, online subscription (# MAP-XXJA).
The most common multiple for an accounting practice is, of course, a multiple of gross revenues.
TC Memo 1997-1 (Wal-Mart II), the Tax Court found that the taxpayer's use of shrinkage estimates conformed to generally accepted accounting principles (GAAP), and that, accepting the phrase "best accounting practice in the industry" as synonymous with GAAP, the taxpayer in the II, Wal-Mart II case met the first test of Sec.
a technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.
Anthony (Tony) Lopez joins FTI's Financial Investigations and Forensic Accounting practice in the Forensic and Litigation Consulting segment and Andy Scruton joins FTI's Creditor Rights practice in the Corporate Finance segment.
Does Estimating Shrinkage Meet the Best Accounting Practice Requirement?
The private companies practice section (PCPS)--the AICPA alliance for CPA firms--and the Texas Society of CPAs launch their 2003 national management of an accounting practice (MAP) survey, which will ask firms to provide information on their performance, profitability, size and areas of specialization.
The decisions in Wal-Mart, TC Memo 1997-1, and Kroger, TC Memo 1997-2, concluded that each company's use of estimates of inventory shrinkage conformed to the best accounting practice in the trade or business and clearly reflected income.
CPA firms can choose from several excellent insurance-oriented client management systems that will easily integrate with the firm's accounting practice.
The argument is that peer review covers only the audit and accounting practice, which may encompass only a portion of a member firm's practice activities.