generally accepted accounting principles

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Related to Accounting Concepts: Accounting Standards, 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 ?
[7] Financial Accounting Standards Board1980 Statement of Financial Accounting Concepts No 2 Qualitative Characteristics of Accounting Information
As summarized in equation (2), the statistical discrepancy reflects the completeness and reliability of the underlying source data and the consistency of the underlying source data with economic accounting concepts for each of the measured expenditure-based and income-based components.
Results from frequencies analysis above indicate that students believe the use of OH assignments helps them understand the accounting concepts better, and the majority would recommend the use of OH in other accounting classes.
This paper describes an exploration by two business faculty members teaching a graduate level hospitality industry course, with four goals: 1) teaching students how to integrate financial (managerial accounting concepts) and non-financial information that impact various functional areas in developing a global strategic plan for a hotel in a foreign country; 2) exploring an opportunity to work with students from different cultures; 3) demonstrating how separate functional areas such as marketing, accounting, finance, operations, and human resources can work toward one common goal; and 4) considering the impact of team teaching (co-teaching) by the two faculty on student learning and perceptions.
GAAP Taxonomy that correspond to the accounting concepts even if the elements are located within a different industry or within a different financial statement grouping in the taxonomy.
Objectives of Financial Reporting by Business Enterprises, Statement of Financial Accounting Concepts No.
16 -- Basic Accounting Concepts (Presented by the accounting firm Berdon LLP)
* The Financial Accounting Standards Board (FASB) recently issued Statement of Financial Accounting Concepts No.
"The dog-eared accounting concepts used in the 1980s were simply not up to the task of dealing with the transactions of the late 20th century and had to be replaced," according to ASB chairman Sir David Tweedie.

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