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.
If we review the accounting principles of various countries, we find the same kind of practice.
6038-2(g) requires a foreign corporation to submit certain information concerning its income, balance sheet, and surplus "prepared in conformity with generally accepted accounting principles and in such form and detail as is customary for the corporation's accounting records.
Authority to set accounting principles essentially was delegated to the AIA and its Committee on Accounting Procedure, chaired by George O.
Answers are not sources of established accounting principles as described in Statement on Auditing Standards No.
This change in accounting method has been retroactively applied by restating fiscal 1993 results and fiscal 1994 quarterly results and had the impact of decreasing income before the cumulative effect of a change in accounting principles for income taxes by $67,000 and $150,000 for the years ended June 30, 1994 and 1993, respectively, and by $156,000 and $34,000 for the quarters ended June 30, 1994 and 1993, respectively.
Financial statements are similar in appearance, a similarity that masks very fundamental - and very important - differences in accounting principles.
Details regarding the investigation and certain remedial measures taken, an update on the anticipated ranges of the cumulative impacts of the restatement on the Company's and TMLP's financial statements, the anticipated effect of the planned changes in accounting principles, 2005 and 2006 impairment charges and outstanding consolidated debt and mandatory redeemable preferred stock is provided in a report on Form 8-K filed today with the SEC.
This Statement improves financial reporting because its requirement to report voluntary changes in accounting principles via retrospective application, unless impracticable, enhances the consistency of financial information between periods.