generally accepted accounting principles

(redirected from Accounting Practices)
Also found in: Dictionary, Thesaurus, Legal.
Related to Accounting Practices: GAAP, 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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

generally accepted accounting principles (GAAP)

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

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Furthermore, grounded on the research on the mediation by Baron and Kenny (1986), we can see that the mediating role of adopting management accounting practices is important in the effect of corporate governance practices on organizational performance.
Companies being listed on the NYSE already have accounting practices that correspond 26.49 % of the IFRS when looking at financial assets' measurement.
"Of the 750 state companies audited in April and May we found deficient or problematic accounting practices in 37% of them," Bejerano told the state-run Trabajadores.
A review of related literature on management accounting practices and research questions is discussed.
The September session, entitled "Architectural Business: A Running Start," will focus on issues related to architectural business management; specifically finance, insurance, law and accounting practices. Moderated by Gregg Pasquarelli, co-founder of SHoP Architects, the program will also feature Thomas Coghlan, president of Design Insurance Agency; Elyse Engelhardt, a business management consultant with AP3D Consulting; Robert F.
But when her family is disgraced after her father's questionable accounting practices are exposed, Eliza needs to escape her home.
Oxendine said while he's aware the National Association of Insurance Commissioners is in the midst of creating changes to the accounting practices and standards for finite reinsurance, Georgia is jumping into the issue now.
But falling stock markets, corporate failures, dubious accounting practices, abuses of corporate power, and criminal investigations indicate that the system is under stress.
Last summer, the Federal Communications Commission, the agency that oversees E-rate, decided the program should adopt Treasury Fund accounting practices.
An investigation by the Office of Federal Housing Enterprise Oversight found that Fannie Mae systematically misapplied generally accepted accounting practices and manipulated earnings reports to maintain an aura of stability.
006623CPA01) guides firms through the process of establishing and maintaining quality control systems applicable to their audit and accounting practices regarding their non-issuer clients.