generally accepted accounting principles

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Related to Generally Accepted Standards: Generally Accepted Accounting Principles

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 ?
For example, the State of New York requires ventilation in new buildings to meet generally accepted standards but does not specify the standards.
Two, the conduct was outrageous and intolerable in that it offends against the generally accepted standards of decency and morality.
Approximately 50 hospitals in the state advertise themselves as trauma centers, but, according to officials, about six actually have the specialized staff and facilities that meet generally accepted standards such as those of the American College of Surgeons.
Stop by booth 1714 to learn more about OLP and their first mission - to establish generally accepted standards and certifications in e-discovery.
Existing finishes shall be patched with matching material and cleaned; any and all discrepancies shall be reported immediately to the architect; all materials, assemblies, construction, and equipment, shall conform to applicable codes and regulations, and shall conform to generally accepted standards set by trade organizations.
According to FDA acting director general Kenneth Hartigan Go, the FDA recognizes only hematopoietic (pertaining to the formation and development of blood cells) stem-cell transplantation, corneal resurfacing with limbal stem cells and skin regeneration with epidermal stem cells "as generally accepted standards of healthcare procedures.
ISLAMABAD, January 29, 2012 (Balochistan Times): PEMRA taking serious notice of creeping unacceptable practices of moral policing by some TV channels has warned them to abstain from indulging in un-ethical journalistic practices whereby any act of the reporter, electronic media journalist, anchor or the TV channel as a whole be assumed in disconformities to generally accepted standards of decency, morality and ethics.
The PEMRA believes in freedom of information and choice but it must be coupled with social responsibility, ethics and generally accepted standards of decency and morality.
The presenter's interests had been given greater priority than the BBC's responsibility to avoid unwarranted infringements of privacy, minimise the risk of harm and offence and to maintain generally accepted standards.
Ofcom did not consider that the content of the interview was so extreme that it breached generally accepted standards.
We also found that the number of market conduct examiners differed widely among states and that there were no generally accepted standards for training and certifying examiners.
Absent any generally accepted standards for defining nonrecurring items, and with an increase in the number of companies reporting pro forma earnings, abuse in reporting has become common practice.

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