generally accepted accounting principles

(redirected from Accounting Concept)
Also found in: Dictionary, Legal, Financial.
Graphic Thesaurus  🔍
Display ON
Animation ON
  • noun

Synonyms for generally accepted accounting principles

a collection of rules and procedures and conventions that define accepted accounting practice

Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
Sustainable value, however, is very much an accounting concept. It is analogous to equity value, and is likewise defined as the difference between asset value and liability value.
Later in this article, we discuss the legal implications of such a change, but for present purposes we note only that an evolving standard for what is the proper way to estimate the fair value of employee stock options is a serious threat to the accounting concept of consistency of presentation.
Similar to profit, the book value of a company is little more than an accounting concept that does not reflect actual equity values.
In this regard, the Financial Accounting Standards Board (FASB) acknowledges several possible measurement attributes of assets and liabilities in its Statement of Financial Accounting Concepts No.
The accounting concept of net income is designed to disclose the net reward to the farm owner-operator for his resources of land, labour, capital and management employed in the enterprise.
One way around this difficulty is to measure G not relative to GDP but relative to net national product, which, except for a statistical discrepancy, is the same as the accounting concept known as national income (NI).
Implemented with the help of the Victoria Government in Australia, the Accrual Accounting concept uses comprehensive financial reports that will help highlight the financial status of the Abu Dhabi government.
(25) The proposed regulations do not define the term "related factory burden," leaving some uncertainty about how this cost accounting concept is to be implemented in a tax setting.
These measures reflect the national economic accounting concept of "income from current production." The S&P 500 measures, on the other hand, reflect profits for 500 large corporations and are rooted in financial accounting concepts.
Based on the annual accounting concept, the IRS ruled that if, for Federal income tax purposes, the rescission of the sale occurred before the end of the taxpayer's year in which the sale occurs, it would be treated as never having occurred.
The carp/back cases were distinguishable; they rested on the annual accounting concept and stood for the proposition that a taxpayer may not reduce or eliminate a penalty by reason of events occurring in a later tax period.
My favorite management accounting concept is Continuous Improvement, and it has been my mantra in my professional career.
[The IRS] invites the Court to focus on the accounting concept of materiality and conclude that E&Y was able to render an unqualified opinion even though [the taxpayers'] estimates of inventory shrinkage were improper.
Full browser ?