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, as superseded by FASB Statement No.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.
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
With respect to income recognition and loss allowance practices for credit card lending, the guidance reflects generally accepted accounting principles
(GAAP), existing interagency policies on loss allowances, and current Call Report and Thrift Financial Report instructions.
In determining whether a member is a financial expert, the Audit Committee shall consider whether a person has (1) an understanding of generally accepted accounting principles
and financial statements; (2) experience in the preparation or auditing of financial statements of generally comparable companies, and the application of such principles in connection with the accounting for estimates, accruals and reserves; (3) experience with internal accounting controls; and (4) an understanding of audit committee functions.
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 reasoning in Wal-Mart that involved generally accepted accounting principles
(GAAP) was premised on an incorrect interpretation of the meaning of an independent auditor's unqualified audit opinion.