Generally Acceptable Accounting Principles definition

Generally Acceptable Accounting Principles or "GAAP" means the authoritative set of accounting principles, standards, and procedures.
Sample 1Sample 2Sample 3

Examples of Generally Acceptable Accounting Principles in a sentence

  • The Reserve will be recorded and maintained in the appropriate Member Entity Fund in accordance with Generally Acceptable Accounting Principles.

  • In response to the proposed regulations, a commenter requested that these final regulations adopt a safe harbor based on Generally Acceptable Accounting Principles (GAAP).

  • Finally, allowable costs must comply with the Generally Acceptable Accounting Principles (GAAP) and the costs must be adequately documented.

  • Closure/Post Closure – The reserve required according to Generally Acceptable Accounting Principles (GASB Statement No.18) will be accumulated over time through annual contributions from operations so that sufficient funds are on hand at the end of the life of the landfill to pay closure/post closure costs.

  • The City regularly receives the Certificate of Achievement of Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for publishing a CAFR that is easily readable, efficiently organized, and satisfies both Generally Acceptable Accounting Principles (GAAP) and applicable legal requirements.

  • Advance coordination with their business office/Accounting Department will expedite negotiation and processing of the application and may assist in avoiding audit exceptions for the applicant.• Organizations must maintain a proper general ledger that complies with Generally Acceptable Accounting Principles (GAAP) and with financial management standards.• The applicant’s financial management system must provide for accurate, current, and complete disclosure of the financial results of each grant project.

  • The Local Government shall also require its contractors to maintain financial accounting records consistent with Generally Acceptable Accounting Principles and with state laws applicable to government accounting.

  • Lionheart will use its best efforts in all matters, including financial matters, and will maintain its books and records in accordance with Generally Acceptable Accounting Principles.

  • BISYS agrees to perform the services described herein in accordance with all applicable laws, rules and regulations (including, where applicable, Generally Acceptable Accounting Principles) and in accordance with any reasonable instructions of the Trust and the Trust's Declaration of Trust, Bylaws, Prospectus and Statement of Additional Information.

  • During the Class Period, Plaintiffs allege that Defendants repeatedly certified the accuracy of the Company’s financial results and certified the Company had presented these results in compliance with Generally Acceptable Accounting Principles (“GAAP”).

Related to Generally Acceptable Accounting Principles

  • 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.

  • 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.

  • 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.

  • 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.

  • 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).

  • Generally accepted auditing standards means Canadian Generally Accepted Auditing Standards as adopted by the Canadian Institute of Chartered Accountants applicable as of the date on which such record is kept or required to be kept in accordance with such standards.

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • International Accounting Standards means the accounting standards approved by the International Accounting Standards Board from time to time.

  • Generally accepted standards of medical practice means standards that are based upon: credible scientific evidence published in peer-reviewed medical literature and generally recognized by the relevant medical community; physician and health care provider specialty society recommendations; the views of physicians and health care providers practicing in relevant clinical areas and any other relevant factor as determined by statute(s) and/or regulation(s).

  • standards of generally recognised accounting practice means an accounting practice complying with standards applicable to municipalities or municipal entities as determined by the Accounting Standards Board

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

  • Generally Applicable Law means the federal law of the United States of America, and the law of the State of New York (including in each case the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Company, the Opinion Documents or the transactions governed by the Opinion Documents, and for purposes of assumption paragraphs (f) and (h) above and our opinion below, the General Corporation Law of the State of Delaware. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term “Generally Applicable Law” does not include any law, rule or regulation that is applicable to the Company, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate.

  • Practice of public accounting means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information.

  • International Financial Reporting Standards or “IFRS” means the accounting standards issued or endorsed by the International Accounting Standards Board.

  • Australian Accounting Standards means the accounting standards made by the Australian Accounting Standards Board in accordance with section 227 of the Australian Securities and Investments Commission Act 2001 (Cth).

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

  • Common Reporting Standard (CRS) means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

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

  • Accepted means that in the County’s reasonable opinion, substantial compliance with the requirements of this Contract has been achieved.

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

  • Accounting Standards means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;

  • Common Reporting Standard means the standard for automatic exchange of financial account information in tax matters (which includes the Commentaries), developed by the OECD, with G20 countries;

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

  • Accounting Standard means GAAP.

  • 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.