Use of Generally Accepted Accounting Principles. Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations should be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed, and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures.
Appears in 10 contracts
Samples: Agreement on Implementation of Article Vii of the General Agreement on Tariffs and Trade 1994, Agreement on Implementation of Article Vii of the General Agreement on Tariffs and Trade 1994, Agreement on Implementation of Article Vii of the General Agreement on Tariffs and Trade 1994
