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
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References in periodicals archive ?
Effective January 1, 2018, the Company adopted the new revenue recognition standard, Accounting Standards Update 2014-09.
18 February 2013 -- US accounting standards authority The Financial Accounting Standards Board said it has issued a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments.
Financial Accounting Foundation sent a letter last week protesting a rule that requires members of a new panel established to shape international accounting standards to have committed to adopting the standards, Reuters reports.
The jostling about accounting standards for private companies continued last month as the Financial Accounting Foundation (FAF), the overseer of U.S.
He explained evolution of Accounting Standards and why standards fail to achieve desired objectives.
The new accounting standards are on Conceptual Framework for Financial Reporting by Islamic Financial Institutions and Investments in Sukuk, Shares and Similar Instruments while the new accounting guidance note is on First Time Adoption of AAOIFI Accounting Standards.
MANAMA: Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued two new accounting standards and one new accounting guidance note.
Melancon, AICPA president and CEO, has called for a permanent, independent funding mechanism for the International Accounting Standards Committee Foundation, the governing body of the International Accounting Standards Board.
In April 200l, the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee.
2 (AS2) and new rules for management; providing analysis and feedback to improve the implementation of the rules; working through implementation issues surrounding FIN 48 on Accounting for Uncertainty in Income Taxes with the Financial Accounting Standards Board (FASB), as well as monitoring and responding to FASB Projects on the Conceptual Framework, Fair Value, Business Combinations and others.

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