generally accepted accounting principles

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Related to accounting standard: International Accounting Standard

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 ?
Publicly traded companies in the European Union are bracing for the implementation of the International Financial Reporting Standard--set to replace the various country-based accounting standards among the EU member states on Jan.
At a joint meeting in September 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) entered into a memorandum of understanding (www.
The seasoning and promulgation of a strong body of international accounting standards will come only with strong corporate participation.
Congress, the markets -- would think accounting standard setting in this country is in good shape.
The challenge for us is to understand the different type of issuance or a different concentration of the business," she says, "and then explain which aspects of accounting standards will have an impact.
If you read this page regularly, you know I strongly support the concept of improved global accounting standards.
Future FASAB statements of federal financial accounting standards, as well as those it issued since March 1993, now have the authority of GAAR Formerly, FASAB's guidance was considered to be an "other comprehensive basis of accounting" (OCBOA), which is not as widely recognized in the United States as GAAP.
Want to comment on the International Accounting Standards Board Discussion Paper, Accounting for Share-based Payment (refers to stock options)?
The letter was written in response to the IASC discussion paper, Shaping IASC for the Future, published in December, outlining proposals that would modify the IASC's internal structure and role in international accounting standard setting.
Under the managerial cost accounting standard, the requirement for full cost reporting by business lines or segments and related segment outputs also introduced wrinkles such as assigning common costs to agency programs and introducing full cost practices into agency activities.
and] Europe, there may be slightly different ideas on what the global accounting standard should be.
The jostling about accounting standards for private companies continued last month as the Financial Accounting Foundation (FAF), the overseer of U.

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