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, as superseded by FASB Statement No.
45 Average Diluted Shares Outstanding 90,851 89,941 The following table reconciles net income based upon generally accepted accounting principles
to adjusted earnings and adjusted earnings per share.
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
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.
Judge Laro apparently did not recognize that a professional auditing standard is devoted to the question of the meaning of "present fairly in conformity with generally accepted accounting principles
in the independent; auditor's report.
The American Accounting Association calls for an alternative to the Accounting Principles
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.
generally accepted accounting principles
, of charging the goodwill directly to equity accounts, thereby not impairing future net income.
30, 1994, before an extraordinary charge from cumulative effect of change in accounting principles
of $82,479 reducing net income to $129,873.
266-(1)(b)(iv) further states that the section applies to any other taxes and carrying charges with respect to property otherwise deductible that, in the IRS's opinion and under sound accounting principles
, are chargeable to a capital account.