generally accepted 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 ?
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.
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.
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 (GAAP).
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.
Finally, the multinational must be concerned with the accounting principles followed by the foreign operation.
said Friday that its 1997 financial report released May 14 inadvertently based the company's per-share earnings on Canada's generally accepted accounting principles rather than on the United States standard.
The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.