generally accepted accounting principles

(redirected from Accounting Principles)
Also found in: Thesaurus, Legal, Financial.
Related to Accounting Principles: Accounting Concepts
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.generally accepted accounting principles - a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures
accounting principle, accounting standard - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
aggregation, collection, accumulation, assemblage - several things grouped together or considered as a whole
References in periodicals archive ?
1, section 420, Consistency of Application of Generally Accepted Accounting Principles, as amended (AICPA, Professional Standards, vol.
The hierarchies of generally accepted accounting principles (GAAP hierarchies) of nongovernmental, state and local, and federal reporting entities have resided in SAS No.
In addition, management believes these measures, when considered in connection with measures computed in accordance with generally accepted accounting principles ("GAAP"), give investors a more complete understanding of our financial performance.
Indeed, because the asset recognition model is fundamentally flawed, we believe the proposed Interpretation would neither represent an improvement over current accounting principles nor produce greater consistency and comparability of financial statements.
69 ranks the authority of accounting principles issued from multiple standard-setters.
Generally Accepted Accounting Principles characterize a capital cost as an expenditure that has a useful life greater than one year, is material in value and extends the useful life of the asset or increases its value.
Recent pronouncements by the Auditing Standards Board have expanded the communications between independent auditors and the audit committee related to fraud, uncorrected audit adjustments and the quality of accounting principles used by management.
Wiley's Generally Accepted Accounting Principles (GAAP) is an excellent book that presents all necessary accounting principles, procedures and concepts in the accounting field.
The Accounting Principles Board's opinion on business combinations (APB Opinion No.
The reasoning in Wal-Mart that involved generally accepted accounting principles (GAAP) was premised on an incorrect interpretation of the meaning of an independent auditor's unqualified audit opinion.
There were no reportable disagreements with Ernst & Young on any accounting principles or practices, financial statement disclosure or auditing scope or procedures.
The Accounting Principles Board replaces the CAP as the Institute's authoritative financial accounting body.