generally accepted accounting principles

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Related to Generally accepted accounting practice: UKGAAP

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 ?
Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting practices in the United States.
This resulted in the improper reporting of executive compensation and expenses and violated generally accepted accounting practices ("GAAP").
While we may secure a sale, including a signed customer agreement, on a particular date, we must adhere to the Generally Accepted Accounting Practices (GAAP) and the Security and Exchange Commission (SEC) requirements for booking the revenue from that sale.
Keeney, III, President and CEO of ECB stated: "The decision to record the other-than-temporary impairment charge is based on generally accepted accounting practices and SEC accounting guidance and because the securities do not have specific maturity dates.
Swenson said he expected that the Company would take a charge in the current quarter, in accordance with Generally Accepted Accounting Practices (GAAP), for approximately $6.
While companies are expected to follow generally accepted accounting practices, these practices tend to be general, with numerous exceptions and options.
The company expects to realize an annualized net pre-tax earnings benefit of $10 million or more on a generally accepted accounting practices basis.
While the company has maintained strict compliance with all generally accepted accounting practices, the new additions to the iBX group have already yielded a positive return on investment thus far.
Ray Dittamore will apply his deep knowledge of generally accepted accounting practices to the AME Board, including serving as chairman of the audit committee.
Accounting professor William Holder, who is the faculty advisor for the program, will lecture on responsible financial reporting and oversight in a session on generally accepted accounting practices and how professional judgment, subjectivity and ambiguity impact financial statements.

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