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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 (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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The re-audit evaluated whether accounting for replacement spare parts inventories was within generally accepted accounting principles. Accounting pronouncement--a source of generally accepted accounting principles (GAAP) in the United States, including FASB Statements of Financial Accounting Standards, FASB Interpretations, FASB Staff Positions, FASB Statement 133 Implementation Issues, Emerging Issues Task Force Consensuses, other pronouncements of the FASB or other designated bodies, or other forms of GAAP as described in categories (a)-(c) of AICPA Statement on Auditing Standards (SAS) No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles (SAS No. |
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