generally accepted accounting principles

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Related to Accounting Standards: GAAP, International Accounting Standards, Auditing Standards, Accounting Principles
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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 ?
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.
The Financial Accounting Standards Board today announced the launch of its Investor Task Force (ITF), an advisory resource that will provide the Board with sector specific insight and expertise from the professional investment community on relevant accounting issues.
Want to comment on the International Accounting Standards Board Discussion Paper, Accounting for Share-based Payment (refers to stock options)?
The International Accounting Standards Committee issued in March its long-awaited standard on accounting for financial instruments.
The Financial Accounting Foundation (FAF) is responsible for the oversight, administration and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB).
The International Accounting Standards Board (IASB) was formed with the dedicated support of a worldwide constituency -- all of whom have allocated resources, people, time and money -- to work towards producing a single set of universally accepted, high quality accounting standards.
FASB does not believe the International Accounting Standards Committee (IASC) is ready to issue accounting standards that will be accepted worldwide.
They also overwhelmingly support uniform global accounting standards and a principle-based approach to accounting standards.
FEI's CEO and President and four FEI members are among those appointed to the Standards Advisory Council (SAC), formed by the Trustees of the International Accounting Standards Committee Foundation to provide advice to the International Accounting Standards Board (IASB) on priorities for setting standards.
THERE WAS LITTLE AGREEMENT in the past within the federal government about appropriate federal financial accounting standards.
I think what others [companies] may have done -- though we deliberately did not -- is continue to run the organization on the back of German GAAP or the International Accounting Standards (IAS) and then centrally convert to U.
has two accounting and auditing priorities: monitoring the development of high-quality, cross-border accounting standards and promoting auditor independence.

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