Current GAAP definition

Current GAAP means, at any time, GAAP as in effect at such time.
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Current GAAP means, at any time, GAAP as in effect at
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Current GAAP means, as of any date of determination, the generally accepted accounting principles in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect as of such date of determination.
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Examples of Current GAAP in a sentence

  • Current GAAP does not address certain items such as paid time off (PTO) and there is a wide divergence in practice.

  • Current GAAP rules now require dividing organization costs between expenses and capital expenditures.

  • Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party, the amendments in this Update eliminate the exception for an intra-entity transfer of an asset other than inventory.

  • Current GAAP does not include specific guidance on these eight cash flow classification issues.

  • This requirement eliminates the probable initial recognition threshold in Current GAAP which has delayed recognition of credit losses until the loss was probable.

  • Current GAAP generally delays recognition of the full amount of credit losses until the loss is probable of occurring.

  • Current GAAP does not include specific guidance on the cash flow classification and presentation of changes in restricted cash and restricted cash flow equivalents other than limited guidance for non for profit entities.

  • Current GAAP has developed over several decades, resulting in the emergence of a number of separate and unique accounting models that address short-duration contracts, long-duration contracts, reinsurance contracts and multi-year retrospectively rated insurance contracts.

  • Current GAAP: Good, Bad, Riskless 10,000 9,000 8,000 7,000 6,000 A B RF5,000 4,000 3,000 2,000 1,000 00 1 2 3 4 5 6 7 8 9 10Years of Duration Figure 2 shows the effect, under fair value, other things being equal, of an upgrade in credit of Company B to AA five years into the term of the loans.

  • Current GAAP generally delays recognition of the full amount of credit losses until the loss is deemed probable of occurring.


More Definitions of Current GAAP

Current GAAP means United States generally accepted accounting principles (as in effect on the date hereof), consistently applied, and utilizing the Company’s practices and policies as in effect on the date hereof.
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Current GAAP shall have the meaning set forth in Section 3.6(h) hereof.
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Related to Current GAAP

  • GAAP means United States generally accepted accounting principles.

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

  • Current Liabilities are all obligations and liabilities of Borrower to Bank, plus, without duplication, the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year.

  • Current Assets means, as of any applicable date, all amounts that should, in accordance with GAAP, be included as current assets on the consolidated balance sheet of Borrower and its Subsidiaries as at such date.

  • Consolidated Net Worth means at any time the consolidated stockholders’ equity of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time.

  • Consolidated Net Income means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that:

  • IFRS means International Financial Reporting Standards issued and/or adopted by the International Accounting Standards Board.

  • Consolidated Income Tax Expense means, with respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP.