Generally accepted accounting procedures definition

Generally accepted accounting procedures or "GAAP" means those adopted by the American Institute of Certified Public Accountants and Federal Accounting Standards Board.
Sample 1Sample 2Sample 3
Generally accepted accounting procedures or “GAAP” means those adopted by
Sample 1

Examples of Generally accepted accounting procedures in a sentence

  • Generally accepted accounting procedures require an organization to recognize a tax benefit or expense from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

  • Generally accepted accounting procedures shall be used for accounting for all financial transactions conducted by the Commission.

  • Generally accepted accounting procedures will be followed in managing this account.

  • Generally accepted accounting procedures require that all bank and cash transactions should be properly recorded in cashbooks to ensure completeness of reports.The review of transactions of the Ministry Headquarters revealed that payment vouchers amounting to K2,167,439.63 paid in the months of August, September and December 2012 could not be reflected in the cashbook.

  • Generally accepted accounting procedures and principles shall govern all costs claimed, agreed to, or determined under this Clause.

  • Generally accepted accounting procedures require that all bank and cash transactions should be properly recorded in cashbooks to ensure completeness of reports.An examination of payment vouchers and other accounting records revealed that expenditures totaling K726,421,465.26 incurred between July, 2013 and June, 2014 were not recorded in the cashbook as per Treasury Instructions requirements.

  • Practice 17.1 – Generally accepted accounting procedures and practices are implemented as required by terms of the CJCC contract.

  • Generally accepted accounting procedures (GAAP) require that revenues generated and expenses incurred in generating those revenues should be reported in the same reporting year.

  • Generally Accepted Accounting ProceduresWhile the accounting structure used by the current concessionaire contains the basic elements of a sound accounting system, it lacks certain important attributes that made it difficult to conclude that data is reliable and that operations are conducted in accordance with generally accepted accounting procedures._ Generally accepted accounting procedures provide guidance for proper maintenance of accounting records, including reliability of data.

  • GAAP: Generally accepted accounting procedures, consistently applied.

Related to Generally accepted accounting procedures

  • 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.

  • 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.

  • 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.

  • Accounting Procedure means the principles and procedures of accounting set out in Appendix C.

  • 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).

  • 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.

  • Change Control Procedures Has the meaning given in Section 9.6(a) of the Agreement. Change Management or Change Management Process Means the processes relating to planning and performing all changes in DIR Customer's IT environment pertaining to the Services, including changes to individual components and coordination of changes across all components. The Change Management processes will support and include checkpoints to determine any potential or required Change Control Procedures. Chargeback Has the meaning given in Exhibit 4 of the Agreement.

  • 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

  • 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.

  • Staff Vetting Procedures means the Authority’s procedures for the vetting of personnel and as advised to the Contractor by the Authority.

  • 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.

  • 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.

  • 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.

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

  • Administrative Procedures means the Administrative Procedures of Minnesota Management & Budget developed in accord with M.S. 43A.04, subdivision 4.

  • AML/KYC Procedures means the customer due diligence procedures of a Reporting Finnish Financial Institution pursuant to the anti-money laundering or similar requirements of Finland to which such Reporting Finnish Financial Institution is subject.

  • Operation Procedures means the procedures contained in Annexure A hereto which the Contractor is obliged to follow when performing work on behalf of the company

  • Standard Operating Procedures or “SOP” means the procedures as specified in the Annexes or Attachments to the relevant Schedules;

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

  • Auction Procedures means the auction procedures constituting Part II of the form of Statement as of the filing thereof.

  • 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.

  • 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).

  • railway operational procedures means procedures specified under any access agreement (as defined in the Railways Act 1993) or station lease;

  • Reconciliation Procedures means those procedures set forth in Section 7.09 of this Agreement.

  • Change Control Procedure has the meaning set out at Clause 28.1;