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.
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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.
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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.
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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.

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generally accepted accounting principles (GAAP)

(pronounced “gap”) Established by the Financial Accounting Standards Board (FASB), these are the guidelines for proper accounting practices.

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References in periodicals archive ?
(2012) elicit that the characteristics of CEOs play an important role in making decision on the adoption of computerized accounting practice. They suggest that there is a relationship between the adoption of computerized accounting practice and CEOs characteristic.
To determine the Management Accounting Practices (MAPs) in Small Business
* Management of an Accounting Practice Handbook, loose-leaf version (# 090407JA); e-MAP, online subscription (# MAP-XXJA).
Finally, Revsine et al.'s well-written and illustrated book applies many principles from economics and finance to supplement the logic of accounting practice. They provide many outstanding citations related to specific topics, including organizational and political environmental literature.
Third, many major market participants believe that existing derivatives accounting practices can be improved by focusing on the best of current accounting practices, rather than developing significantly novel and untested approaches.
There are numerous formulas and techniques to determine the value of a professional accounting practice. However, all of these can typically be categorized into three general approaches: the market data comparison (or market multiple) approach, the discounted net cash flow (or earnings capacity) approach and the asset accumulation (or adjusted net worth) approach.
But falling stock markets, corporate failures, dubious accounting practices, abuses of corporate power, and criminal investigations indicate that the system is under stress.
If an accounting practice does not permanently change the amount of the taxpayer's lifetime income, but does or could change the tax year in which income is reported, it involves timing.
The collateralized loan issue relates to the matter of "insubstance" foreclosures and to the current accounting practice of transferring such loans to the "Other Real Estate Owned" (OREO) category with recognition of appropriate losses.
Within its 774 pages, readers can learn about the automation of the accounting practice and familiarize themselves with computer terminology, equipment and procedures geared specifically for processing accounting data.
He is co-chair of the Management of an Accounting Practice Committee for CalCPA's Los Angeles Chapter and has served as vice president and board member of the chapter.
* Management of an Accounting Practice Handbook (looseleaf, # 090407JA); e-MAP: Management of an Accounting Practice Handbook (electronic, # MAP-XXJA).