Accounting Convention

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Accounting Convention

An accounting procedure used informally. That is, an accounting convention has been neither endorsed nor prohibited by the SEC or another appropriate body. In general, when the SEC has neither endorsed nor prohibited an accounting convention, it is because it has not needed to rule on the matter, especially if the convention is new. A ruling may formalize or forbid a convention, or it may make the convention obsolete.
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* Does the entity plan to use any accounting conventions in applying the framework under ASC 606?
The impact on measured GDP and productivity reflects national accounting conventions. If people devote more of their income to competing for scarce housing, driving up property prices and rents, GDP and "productivity" increase, because housing rent is included in GDP, even if the aggregate supply of housing services is unchanged.
If we go behind simple definitions and accounting conventions, if we move from accounting to economic analysis, imports actually increase the value of GDP--that is, what it is worth for the ultimate domestic consumers.
Interest, they believed, was a function of management's choice of financing arrangements; taxes can vary greatly depending on a number of complicated situations; depreciation and amortization are non-cash items and are based on accounting conventions and subjective decisions such as useful lives and salvage values.
External debt is denominated in multiple currencies but for accounting conventions, it is reported in equivalent US dollar.
The annexes to the accounts are reduced to five key points: accounting conventions; guarantees and commitments; post balance sheet events not recognised in the account balance; secured and long-term debt; and transactions between related parties.
* "It is nothing but a change in accounting conventions;"
These accounts are designed to provide a comprehensive picture of economic activity within an integrated framework based on consistent definitions, classifications, and accounting conventions.
Some countries may need electronic disclosure while others need more far-reaching reforms of accounting conventions. On examining the variables in disclosure systems and how they might operate in different countries, we learn that the list of best practices is fairly short.
Overseas strategy under Paul is not to apply some magic head office formula to different countries with different accounting conventions and backgrounds, but to utilise developments already made in local markets.
Among the AICPA-donated volumes at Ole Miss are two binders containing photographs of individuals appearing in the JofA or at accounting conventions from 1887 to 1979.
Housed in the Archives and Special Collections area are two binders from the AICPA collection containing photographs of individuals appearing in the Journal of Accountancy or at accounting conventions from 1887 to 1979.

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