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 ?
8] Financial Accounting Standards Board Statement of Financial Accounting Concepts No8" the Objective of General Purpose Financial Reporting and Qualitative Characteristics of Useful Financial Information, 2010.
In order for the use of OH to be successful in the accounting curriculum, students should perceive OH as helping them understand accounting concepts better.
GAAP Taxonomy is a structured list of financial accounting concepts with the associated computer codes for use in XBRL documents.
Issued in February 2000, Statement of Financial Accounting Concepts No.
Stamford, CT: Statement of Financial Accounting Concepts No.
There are significant differences in American accounting concepts and those of Eastern Europe and Russia.
In this regard, the Financial Accounting Standards Board (FASB) acknowledges several possible measurement attributes of assets and liabilities in its Statement of Financial Accounting Concepts No.
Asked halfway through the semester, this student's question was welcome but disconcerting-I didn't realize that the connection between the real world and accounting concepts was missing for many students.
Meant as a reference for both law students and practicing legal professionals the text covers the concept of income, the federal income tax base, systemic exclusions, the deduction of interest and tax arbitrage, accounting methods, recoveries, debt, the balancing of entries, unstated interest, and many other legal and accounting concepts over its nineteen chapters.

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