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 ?
Using generally accepted standards for attestation engagements (GASAE), the independent accountant must report separately on management's assertions about the institution's (1) internal control structure over financial reporting and (2) compliance with specified laws and regulations using agreed-upon procedures.
30pm, and in its regular slot, we do not consider that the content of the interview was so extreme that it breached generally accepted standards.
The ASB is responsible for developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice (USPAP), which are the generally accepted standards of the appraisal profession in the United States.
The subject of the public contract is regular maintenance and servicing of HVAC equipment, chladovE'ch units, fan coil units and exhaust fans in the pavilions and CESEB CEITEC within the University Campus at Bohunice in accordance with generally accepted standards in order to achieve good technical condition of all equipment.
The certificate of compliance, issued by the government after a rigorous inspection process, certifies that pharmaceutical ingredients manufactured by Shengtai are produced and quality-controlled according to generally accepted standards.
The ASB is responsible for developing, interpreting and amending USPAP which are the generally accepted standards of the appraisal profession.
Utilize responsive design for desktop, tablet, and phone viewing and interaction Utilize attractive branding with a clean uncluttered layout Adhere to generally accepted standards for website design Make interaction processes intuitive and efficient the design should serve KUB s needs, but be driven by the customer experience Ensure consistency with a comprehensive strategy for messaging This project does not include building the new site.
The panel also examined practical ways in which government and the healthcare industry can create consistent and generally accepted standards for measuring new technologies, maintaining the quality of procedures while reducing costs, and working together for future healthcare innovation.
Reynolds) Even when evaluations are provided by institutions that have completed studies for funded retention programs, the reports typically do not meet generally accepted standards for published research.
expeditiously and in conformance with generally accepted standards for quality, skill and providing of Insurance Broker/Loss Control Services, in a workmanlike manner, designated,described and required by the Instruction to Bidders, Bid Proposal, any Written Addendum s, this Contract Agreement and the General Conditions.
Use a uniform definition of medical necessity that includes reference to generally accepted standards of medical practice and credible scientific evidence published in peer-reviewed medical literature;
The contractor must review the criteria of the Federal audit regulation and complete the verification, calculations and report under the professional rules and generally accepted standards of audit practice.

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