Basis of accounting definition

Basis of accounting means the cash basis, the modified accrual basis or the accrual basis.
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Basis of accounting means the accrual or modified accrual accounting basis under generally accepted accounting principles (GAAP) as defined by the Governmental Accounting Standards Board (GASB).
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Basis of accounting means either a cash basis or an accrual basis. For purposes of this Part, "cash basis" includes a modified cash basis, and "accrual basis" includes a modified accrual basis.
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Examples of Basis of accounting in a sentence

  • Basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements.

  • Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied.

  • Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements.

  • Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported in the financial statements.

  • Basis of accounting relates to the timing of the measurements made.

  • Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements.

  • Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the financial statements.

  • Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied.

  • Basis of accounting relates to the timing of the measurement made, regardless of the measurement focus applied.

  • Basis of accounting represents the methodology utilized in the recognition of revenues and expenditures or expenses reported in the financial statements.


More Definitions of Basis of accounting

Basis of accounting means the accrual/modified accrual accounting basis under generally accepted accounting principles (GAAP) as defined by the governmental accounting standards board (GASB), as of [publication date of notice of intended action].
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Basis of accounting has the meaning set forth in Section 4.4(a).
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Related to Basis of accounting

  • U.S. GAAP means United States generally accepted accounting principles consistently applied.

  • Accounting Statement means for each financial year, the following statements, namely-

  • PRC GAAP means the generally accepted accounting principles in the PRC.

  • GAAP means generally accepted accounting principles in the United States of America.

  • Accounting system means the Contractor's system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws, regulations, and management decisions, and may include subsystems for specific areas such as indirect and other direct costs, compensation, billing, labor, and general information technology.

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.

  • Canadian GAAP means Generally Accepted Accounting Principles as provided in the Handbook of the Canadian Institute of Chartered Accountants.

  • Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or amended from time to time).

  • Uniform System of Accounts means the most recent edition of the Uniform System of Accounts for Hotels as adopted by the American Hotel and Motel Association.

  • Accounting means activities providing information, usually quantitative and often expressed in monetary units, for:

  • Agreed Accounting Principles means GAAP; provided, however, that, with respect to any matter as to which there is more than one generally accepted accounting principle, Agreed Accounting Principles means the generally accepted accounting principles consistently applied in the preparation of the Latest Audited Company Balance Sheet; provided, further, that, for purposes of the Agreed Accounting Principles, no known adjustments for items or matters, regardless of the amount thereof, shall be deemed to be immaterial.

  • Statement of Account means the Bank’s monthly or other periodic statement sent to the Cardholder showing particulars of the Current Balance payable to the Bank.

  • Accounting Records means the general ledger and subsidiary ledgers and supporting schedules which support the general ledger balances.

  • Accounting Policies means the accounting policies and procedures set out in Part C of Schedule 4 (Accounting Policies);

  • Annual Accounting Period or “Financial Year” means the period commence on 1st July and shall end on 30th June of the succeeding calendar year.

  • Mexican GAAP means generally accepted accounting principles in Mexico in effect on the Issue Date.

  • audited when used in regard to financial statements shall mean an examination of the financial statements by a firm of independent certified public accountants in accordance with generally accepted auditing standards for the purpose of expressing an opinion thereon.

  • Generally Accepted Accounting Principles or “GAAP” means generally accepted accounting principles in the United States, consistently applied, which are in effect on the date of this Indenture.

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Fixed GAAP Date means the Issue Date; provided that at any time after the Issue Date, the Company may by written notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed GAAP Date shall be such date for all periods beginning on and after the date specified in such notice.

  • SAP means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the insurance commissioner (or other similar authority) in the jurisdiction of such Insurance Subsidiary for the preparation of annual statements and other financial reports by insurance companies of the same type as such Insurance Subsidiary that are applicable to the circumstances as of the date of filing of such statement or report.

  • IFRS means International Financial Reporting Standards as issued by the International Accounting Standards Board.

  • Balance Sheet has the meaning set forth in Section 3.06.

  • Accounting Standard means GAAP.

  • UK generally accepted accounting principles and practices means the principles and practices prevailing from time to time in the United Kingdom which are generally regarded as permissible or legitimate by the accountancy profession irrespective of the degree of use.

  • Applicable Accounting Principles means, with respect to the Borrower, those accounting principles required by the ICA and prescribed by the SEC for the Borrower and, to the extent not so required or prescribed, GAAP.