generally accepted accounting principles

(redirected from accounting standard)
Also found in: Dictionary, Thesaurus, Legal, Acronyms, Wikipedia.
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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

generally accepted accounting principles (GAAP)

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

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
AAOIFI is currently developing revised accounting standards on investments in real estate, equity of investment account holders, and Takaful or Islamic insurance.
In Argentina, two levels of accounting standards exist--local and national--and both will base most of their accounting standards on IFRS.
The analysis of these situations reveals that convergence of accounting standards has affected and will continue to affect U.S.
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.
Those subcommittees are liaisons to the FASB and IASB (International Accounting Standards Board), the SEC and the Public Company Accounting Oversight Board (PCAOB).
However, the Financial Accounting Standards Board (FASB) is expected to finalize several new standards and issue Exposure Drafts (EDs) of proposed standards.
The legislation also prohibits the SEC from recognizing any stock option-expensing accounting standard set by a standard-setting body unless and until: 1) The standard recognizes the true expense of the stock option on a company's financial statement when the option is exercised, expires or is forfeited (a "truing up" requirement); and 2) a comprehensive economic impact study has been conducted by the Departments of Commerce and Labor.Rep.
CPAs who implement accounting standards at corporations are responsible for promoting the company's accounting health and ensuring that management understands the impact of new regulations.
Effective January 1, 2018, the Company adopted the new revenue recognition standard, Accounting Standards Update 2014-09.
Financial Accounting Foundation sent a letter last week protesting a rule that requires members of a new panel established to shape international accounting standards to have committed to adopting the standards, Reuters reports.

Full browser ?