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accounting principle

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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 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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? Mentioned in ? References in periodicals archive
 
* COMPANIES SHOULD APPLY A CHANGE in accounting principle in an interim period retrospectively.
Opinion 20 previously required that most voluntary changes in accounting principle be recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle.
154, Accounting Changes and Error Corrections, which applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting of a change in accounting principle.
 
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