generally accepted accounting principles

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Synonyms for generally accepted accounting principles

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

References in periodicals archive ?
CIMA SE Asia organised an event to launch the Global Management Accounting Principles in three countries across the region: Indonesia, Myanmar and Thailand.
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. The auditor is not required to audit the supporting schedules contained in the comprehensive annual financial report.
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.
Regarding the second of the three preceding quoted paragraphs, the issuance of SFAS 157 resulted in a change in accounting principles, as discussed under the SFAS 157 section, "Differences Between This Statement and Current Practice," whereby assets and liabilities--except those specified but including monetary assets and liabilities--are to be measured at an exit price (i.e., market or model) rather than an entry price (i.e., historical cost).
A change in accounting principle is a change from one accounting principle in accordance with the applicable financial reporting framework to another accounting principle in accordance with the applicable financial reporting framework when (1) two or more accounting principles apply or (2) the accounting principle formerly used is no longer in accordance with the applicable financial reporting framework.
162, The Hierarchy of Generally Accepted Accounting Principles, as superseded by FASB Statement No.
One practical implication of the TAM is taxpayers may expect agents to be more aggressive in scrutinizing the treatment of costs of so-called multifunctional departments that taxpayers view as mixed service departments, and applying traditional cost accounting principles that were embraced by the Service in this TAM to rule out (or in) costs that are in fact direct costs.
Calling the proposed interpretation FAS 109 unworkable, TEI recommended that the FASB abandon the exposure draft's asset recognition model in favor of retaining and affirming current accounting principles for contingent tax liabilities under FAS 5.
"We've got this vague risk-transfer test," said Mike Moriarty, director of the Capital Markets Bureau for the New York department, referring to the definitions under statutory accounting principles. Many contracts pass the test but in reality are designed to aid the cedant's financial reporting, he said.
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.
Kenor said that the operating loss was mainly caused by a combination of changed accounting principles and accounting format approaching the IFRS standard.
The final rule reduces the regulatory burden on banking institutions engaged in international lending by simplifying the requirements concerning accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP).
In July 2002, the Canadian Securities Administrators proposed for public comment that certain foreign listed companies in Canada be able to use IAS without reconciliation to Canadian generally accepted accounting principles, beginning in 2005.