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.
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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.
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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.
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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.

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generally accepted accounting principles (GAAP)

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

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References in periodicals archive ?
Gains and Losses, Maintenance and Repair Costs, and Material Costs (FAR Case 2002-008) This final rule deletes the cost principle at FAR 31.205-24, Maintenance and repair costs, because either Cost Accounting Standards or Generally Accepted Accounting Practices adequately address these costs.
Set up your company to meet generally accepted accounting practices, but maintain autonomy in terms of how specific accounts are handled.
But, to be clear, Leach did not at any time say or imply that Heinz had violated federal securities law, regulations or generally accepted accounting practices.
So having a tax write-off each year for 15 years is a huge benefit in the generally accepted accounting practices world."
This practice, which had been required under generally accepted accounting practices (GAAP), has increased the volume of OREO balances at banks and may have discouraged lenders from working with borrowers that are encountering cash flow or other financial problems.
Section 446(a) of the Internal Revenue Code generally provides that taxpayers should calculate taxable income under the method of accounting on the basis of which the taxpayer regularly computes his income in keeping his books."(12) Complying with generally accepted accounting practices (GAAP) does not assure that a method of accounting "clearly reflects income," particularly where the method conflicts with a requirement set forth in the Code or regulations."(13) Where the taxpayer's method is otherwise permitted by the regulations, however, conformity with GAAP should ordinarily be strong evidence that the method of accounting for an item clearly reflects income.(14) The reason is plain: GAAP and section 446(a) seek to measure the same economic events.
This article is neither a treatise on generally accepted accounting practices (GAAP) nor a survey of how various entities execute the budgeting process.

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