accounting principle


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  • noun

Synonyms for accounting principle

a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions

References in periodicals archive ?
The auditor should evaluate whether the comparability of the financial statements between periods has been materially affected by a change in accounting principle or by adjustments to correct a material misstatement in previously issued financial statements.
Statement 154 requires retrospective application to prior periods' financial statements of a voluntary change in accounting principle unless it is impracticable.
Opinion 20 previously required that must 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.
The company has also recorded a $110,000 gain as the cumulative effect of this change in accounting principle as of July 1, 1994 (the implementation date), and this amount is included in the company's results for the quarter ended Sept.
In addition, in connection with its audit for the year ended October 31, 2006, the Company concluded that its financial statements for the first, second and third quarters of fiscal year 2006 should be restated as a result of the misapplication of an accounting principle regarding the presentation of income taxes in those financial statements.
Grossman added that net income, before the cumulative effect of the change in accounting principle for income taxes, was down slightly for the first quarter of fiscal 1995 as a result of a 10% increase in operating expenses.
After preferred dividend requirements and the $750,000 cumulative effect of a change in accounting principle for income taxes, the Company reported a loss applicable to common shareholders of $754,853, or $.
Excluding this prior year gain, income before change in accounting principle doubled to 12 cents per share from 6 cents per share.
09 per share, reported as the effect of a change in accounting principle.
The first quarter of 1993 included the cumulative effect of a change in accounting principle that resulted in an increase of $204,000 in reported net earnings.
Net profit for 1993 before the cumulative effect of a change in accounting principle was $136,987, as compared to a $13,610 profit in 1992.
AEE reported full-year 2005 net income before the cumulative effect of a change in accounting principle of $628m or $3.
If the auditor has difficulty deciding whether an accounting principle is appropriate, the auditor will tell the company.
This accounting principle permits companies to exclude unremitted earnings from foreign operations from its calculation of U.
Foremost among the similarities are that the determination of the preferability of a change from one generally accepted accounting principle to another and the assessment of the quality of financial reporting are both value judgments based on particular circumstances, but are not based on a belief that one acceptable method is always preferable to another.
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