generally accepted accounting principles

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162, The Hierarchy of Generally Accepted Accounting Principles, as superseded by FASB Statement No.

TEI believes that the FASB's goal of improving consistency in the recognition and measurement of tax benefits of uncertain tax positions can be achieved through the adoption of an approach based on current accounting principles governing contingent liabilities, including taxes, under FAS 5.

A landlord should apply the operating expense provisions of the lease in accordance with standard accounting principles and practices.

For purposes of this paragraph, international assets may be written down by a charge to the Allowance for Loan and Lease Losses or a reduction in the principal amount of the asset by application of interest payments or other collections on the asset; provided, that only those international assets that may be charged to the Allowance for Loan and Lease Losses pursuant to generally accepted accounting principles may be written down by a charge to the Allowance for Loan and Lease Losses.

The Blue Ribbon Committee recommended, and auditing standards now require, that the independent auditors discuss with the audit committee their judgments about the quality, not just the acceptability, of accounting principles in the company's financial reporting.

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.

Under the Emerging Issues Task Force announcement (EITF D-54), generally accepted accounting principles will allow the purchaser of an insurance enterprise to account for an adverse-development cover as prospective reinsurance under certain conditions.

Some commercially available computerized accounting systems can prepare reports based on different sets of accounting principles and in different currencies.

Statement 162 addresses these issues by establishing that the GAAP hierarchy should be directed to entities because it is the entity (not its auditor) that is responsible for selecting accounting principles for financial statements that are presented in conformity with GAAP.

The courts have uniformly held that generally accepted accounting principles (GAAP) are not determinative of tax rules.

Moving toward its goals of enhancing the quality of financial accounting standards and the standard-setting process, the Financial Accounting Standards Board has published an exposure draft, The Hierarchy of Generally Accepted Accounting Principles.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

The current push by GAO to enforce the 1990 CFO Act -- making the government file annual financial reports incorporating generally accepted accounting principles -- also creates good employment opportunities for financial executives wishing to enter public service.

Burbank-based Disney also insisted that the purchase accounting principles for the Capital Cities/ABC deal were ``applied as they exist today, not as others might wish them to be.