generally accepted accounting principles

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Related to Generally Accepted Standards: Generally Accepted 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 ?
Its members, some of whom receive the accredited senior appraiser designation, follow the uniform standards of professional appraisal practice, which are recognized in the United States as generally accepted standards of professional appraisal practice.
The lack of solid scientific data on mold toxicity also means that there are no generally accepted standards for mold remediation, and no state or federal agencies offering testing services for mold samples.
The culmination of these and other efforts is the newly launched ASAE-Accredited AMC Program, which will serve as the vehicle to recognize AMCs that meet recognized and generally accepted standards. The purpose of the accreditation program is to
The auditors considered internal controls over financial reporting and tested compliance with certain provisions of laws, regulations, contracts, and grants in accordance with generally accepted standards and the standards applicable to financial audits contained in Government Auditing Standards.
On the other hand, the Russian Supreme Court's stated understanding of children's interests was right in keeping with the standards set by the higher court, especially in the way it by and large remained free of ideology and conformed to generally accepted standards of children's welfare.
* Medical necessity determinations made under the benefits package should reflect generally accepted standards of medical practice, supported by outcomes-based evidence where available.
The Institute advocates broad adoption of two major standards: Generally accepted standards for systems security would provide a baseline against which audit assessments can benchmark.
Often, the compromise is found by referring to generally accepted standards, such as those of ASTM or ANSI.
In addition, a plaintiff's attorney in an action charging a practitioner with negligence might cite these standards, along with Circular 230, as constituting the generally accepted standards of tax practice."
Since it is in our own self-interest to preserve our ability to communicate in commonly understood language, journalists have historically had an interest in promoting and preserving generally accepted standards of usage.
For example, the State of New York requires ventilation in new buildings to meet generally accepted standards but does not specify the standards.

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