The City of Reading also desires the auditor to express an opinion on the fair presentation of its combining and individual fund and account group financial statements and schedules in conformity with generally accepted accounting principles
Generally Accepted Accounting Principles
for the United States, the evolving set of rules for preparing uniform financial statements for-profit businesses, nonprofit organizations and government agencies.
162, The Hierarchy of Generally Accepted Accounting Principles
, as superseded by FASB Statement No.
The National Investor Relations Institute surveyed more than 200 companies recently and found more than half gave pro forma numbers equal to slightly better billing than they did generally accepted accounting principles
, or GAAP.
As stated by the authors, Generally Accepted Accounting Principles
are concerned with the measurement of economic activity--the time when such measurements are made and recorded, the disclosures surrounding these activities, and the preparation and presentation of information on the summarized economic activities in financial statements.
446-1(a)(2) states that a "method of accounting which reflects the consistent application of generally accepted accounting principles
in a particular trade or business in accordance with accepted conditions or practices in that trade or business will ordinarily be regarded as clearly reflecting income.
generally accepted accounting principles
(GAAP) with respect to uniform capitalization (UNICAP) and depreciation for purposes of computing the earnings and profits (E&P) of a foreign corporation.
In addition, the company has recently received a letter from its accounting firm, Ernst & Young, stating, among other things, that "The company has concluded, and we concur, that its leases are required to be accounted for as sales-type leases under generally accepted accounting principles
The reason this is so crippling is that there are many gray zones in Generally Accepted Accounting Principles
that require judgments to be made.
If a member prepares financial statements or related information (for example, management's discussion and analysis) for purposes of reporting to such bodies, commissions, of regulatory agencies, the member should follow the requirements of such organizations in addition to generally accepted accounting principles
The amendments relate to international lending by simplifying the discussion concerning the accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles
would require that the Securities and Exchange Commission (SEC) recognize generally accepted accounting principles
established by the FASB if certain qualifications are met: that the FASB be funded solely by "fees and charges assessed against each issuer" and "by revenues collected from the sale of materials and publications produced by that body.