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 ?
the newly adopted accounting principle is in accordance with the applicable financial reporting framework,
This Statement requires that retrospective application of a change in accounting principle be limited to the direct effects of the change.
The cumulative effect of adopting this accounting principle resulted in an additional charge of $750,000 for deferred income taxes in fiscal 1994.
Were there any changes in the company's accounting principles or practices?
The panel's report makes that point by stating that "under the panel's approach, the auditor would not only evaluate the company's compliance with generally accepted accounting principles but also express, to the audit committee and the board of directors, a qualitative judgment about the company's choice of principles, disclosures and estimates.
This article provides guidelines to help auditors determine whether the effect of a change in accounting principle is material enough to warrant audit report modification.
In other words, a change to 40 basis points is a change in accounting estimate and should not be accounted for as a change in accounting principle.
08 per share, which was reflected as a change in accounting principle.
E[acute accent]The reports of Manning Elliott on the Company's financial statements as of and for the fiscal years ended April 30, 2005 and 2004 contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.
E[acute accent]The reports of Manning Elliott on the Company's financial statements as of and for the fiscal years ended April 30, 2005 and 2004, contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.
The hierarchies of generally accepted accounting principles (GAAP hierarchies) of nongovernmental, state and local, and federal reporting entities have resided in SAS No.
Indeed, because the asset recognition model is fundamentally flawed, we believe the proposed Interpretation would neither represent an improvement over current accounting principles nor produce greater consistency and comparability of financial statements.

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