Generally Accepted Accounting Principles
- Generally Accepted Accounting Principles
- GAAP
Rules, guidance, and concepts for accounting practices and the content of *financial statements. GAAP covers the Recognition, *measurement, Reporting, and *disclosure of accounting items, and it is derived from several sources: *financial reporting standards (or *accounting standards), legislation, custom, industry-specific conventions, and the pronouncements of authoritative professional and academic bodies. The importance of each of these elements varies from country to country. For example, in continental Europe legislation has tended to be the main source of GAAP. In the United States, in contrast, legislation has tended to play a less important role: U.S. GAAP derives from the * Statements of Financial Accounting Standards of the *Financial Accounting Standards Board, and the pronouncements and interpretations of professional bodies like the *American Institute of Certified Public Accountants, as well as from law, industry practice, and academic literature. The *harmonization of international GAAP started to gather significant momentum around the turn of the twenty-first century. The countries of the European Union, for example, agreed to adopt the * International Financial Reporting Standards of the international Accounting Standards Board for listed corporation GAAP by 2005.
Auditor's dictionary.
2014.
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Generally Accepted Accounting Principles — (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial… … Wikipedia
generally accepted accounting principles — See UK GAAP and US GAAP. Related links + Generally Accepted Accounting Principles (GAAP) USA Rules and procedures generally accepted wit … Law dictionary
Generally Accepted Accounting Principles — (GAAP) USA Rules and procedures generally accepted within the accounting profession. The Financial Accounting Standards Board (FASB) is the body primarily responsible for developing rules governing US generally accepted accounting principles and… … Law dictionary
Generally Accepted Accounting Principles — ( GAAP) Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants ( AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial… … Financial and business terms
generally accepted accounting principles — ( GAAP) Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants ( AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial… … Financial and business terms
Generally Accepted Accounting Principles — (GAAP). The conventions, rules and procedures necessary to define accepted accounting practices at a particular time; includes both broad and specific guidelines. The source of such principles is the Financial Accounting Standards Board … Black's law dictionary
Generally Accepted Accounting Principles — (GAAP). The conventions, rules and procedures necessary to define accepted accounting practices at a particular time; includes both broad and specific guidelines. The source of such principles is the Financial Accounting Standards Board … Black's law dictionary
Generally Accepted Accounting Principles (UK) — The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company… … Wikipedia
Generally Accepted Accounting Principles (Canada) — Generally Accepted Accounting Principles (GAAP) of Canada provides the framework of broad guidelines, conventions, rules and procedures of accounting.In Canada, professional development paralleled that of the United States. In 1936, the… … Wikipedia
Generally Accepted Accounting Principles (United States) — In the U.S., generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly traded and… … Wikipedia
generally accepted accounting principles — noun a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures • Syn: ↑GAAP • Hypernyms: ↑collection, ↑aggregation, ↑accumulation, ↑assemblage • Member… … Useful english dictionary
