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 ?
communicate appropriately in the auditor's report when the comparability of financial statements between periods has been materially affected by a change in accounting principle or by adjustments to correct a material misstatement in previously issued financial statements.
The related interpretation, "The Auditor's Consideration of Management's Adoption of Accounting Principles for New Transactions or Events," has also been deleted.
Retain and Affirm Current Accounting Principles, including the FAS 5 Approach to the Determination of Contingent Tax Liabilities
Accounting principles are usually directed toward solutions that are objective, conservative and verifiable.
Judge Laro apparently did not recognize that a professional auditing standard is devoted to the question of the meaning of "present fairly in conformity with generally accepted accounting principles in the independent; auditor's report.
generally accepted accounting principles and the tax accounting requirements imposed under section 902 or 964 of the Code.
There were no reportable disagreements with Ernst & Young on any accounting principles or practices, financial statement disclosure or auditing scope or procedures.
The Accounting Principles Board replaces the CAP as the Institute's authoritative financial accounting body.
Answers are not sources of established accounting principles as described in Statement on Auditing Standards No.
generally accepted accounting principles, of charging the goodwill directly to equity accounts, thereby not impairing future net income.
266-(1)(b)(iv) further states that the section applies to any other taxes and carrying charges with respect to property otherwise deductible that, in the IRS's opinion and under sound accounting principles, are chargeable to a capital account.
Also, there were no disagreements with UHY LLP on any matter of accounting principles or practices, financial statements disclosure, or auditing scope or procedure.