generally accepted accounting principles

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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.

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 ?
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.
A review of related literature on management accounting practices and research questions is discussed.
Management of an Accounting Practice Handbook, loose-leaf version (# 090407JA); e-MAP, electronic version (# MAP-XXJA).
Dresdale and De Leeuw also are on the panel which is reviewing Aurora's accounting practices.
The market data comparison (or market multiple) approach is, frankly, the most commonly used methodology to value professional accounting practices.
The ruling does not promote consistent or correct accounting practices; indeed, it encourages the perpetuation of erroneous methods and runs counter to decades of effort by the IRS to encourage proper accounting practices and the prompt correction of errors.
Because there is no related guidance in place and the accounting practices of organizations doing business in this area vary widely, the ED focuses on improving only certain disclosures and represents the initial phase of the IASB's approach to dcveloping standards for extractive industries.
Thus, the definition of accounting practices that constitute GAAP is not affected by materiality considerations; however, the auditor's judgment of what constitutes "fair" presentation in the financial statements is affected by materiality, as well as by GAAP.
Accounting Trends & Techniques--57th Edition Accounting Trends & Techniques presents a selection of new accounting practices and provides you with specific examples of recent rulings, a current list of top companies, and an A&A pronouncements and standards index.

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