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accounting principle

   Also found in: Legal, Financial, Wikipedia 0.01 sec.
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Noun1.accounting principle - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactionsaccounting principle - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
principle - a rule or standard especially of good behavior; "a man of principle"; "he will not violate his principles"
GAAP, 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


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The Financial Accounting Standards Board approved a change last week to the revenue reporting methods in the generally accepted accounting principles (GAAP).
Long ago, I was perplexed to discover that there was no "set" of accounting principles that was presented in one form such as you might find in the Bill of Rights.
org) Maintains generally accepted accounting principles used by publicly traded companies.
 
 
 
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